By Tony Obiechina, Abuja
The Federation Account Allocation Committee (FAAC), at its July 2026 meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has shared a total of ₦2.551 trillion among the Federal Government, the 36 States and the 774 Local Government Councils as Federation Account revenue for June 2026.
The meeting, held in Abuja, was attended by the Accountant General of the Federation, State Commissioners of Finance and other members of the Committee.
The amount distributed comprised ₦1.810 trillion in Statutory Revenue and ₦740.724 billion from Value Added Tax (VAT).
From the Statutory Revenue, the Federal Government received ₦849.366 billion, the State Governments ₦430.810 billion, while the Local Government Councils received ₦332.136 billion. The oil producing States also received ₦197.610 billion as 13 per cent derivation.
The VAT distribution saw the Federal Government receive ₦74.072 billion, the State Governments ₦407.398 billion, while the Local Government Councils received ₦259.253 billion.
In all, the Federal Government received ₦923.438 billion, the State Governments ₦838.208 billion, the Local Government Councils ₦591.390 billion, while ₦197.610 billion was shared as 13 per cent derivation to the oil producing States.
FAAC noted that gross revenue available in June 2026 stood at ₦4.501 trillion, comprising ₦3.701 trillion in statutory revenue and ₦799.746 billion in gross VAT collections.
The Committee observed a strong improvement in revenue performance during the month.
Gross statutory revenue increased by ₦1.049 trillion over the figure recorded in May 2026.
The growth was driven largely by higher receipts from Companies Income Tax, Value Added Tax, Import Duty, Customs Excise Tariff Levies, Petroleum Royalties, Gas Flared Penalties, Rental Income and Miscellaneous Oil Revenue.
However, collections from Petroleum Profit Tax, Hydrocarbon Tax, Mineral Royalties and Fees recorded declines.
VAT collections also recorded positive growth.
Gross VAT revenue rose from ₦743.668 billion in May to ₦799.746 billion in June, representing an increase of ₦56.078 billion.
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