N2.3 trillion allocated among federal government, states, and local councils by FAAC

The Federation Account Allocation Committee, FAAC, has disbursed a total of N2.300 trillion to the federal, state, and local governments as revenue allocation for the month of May 2026.

This amount is comprised of N1.611 trillion from Statutory Revenue and N688.785 billion from Value Added Tax, VAT, as outlined by the Ministry of Finance in a statement issued by Efe Ovuakporie, Head, Information and Public Relations, on Thursday.

The Federal Government's share of the allocation amounts to N818.680 billion, while the State Governments received a total of N759.141 billion.

Local Government Councils were allocated N534.277 billion, with the oil-producing states receiving an additional N188.132 billion as 13 per cent derivation revenue.

The gross statutory revenue available for May 2026 was N2.652 trillion, marking an increase of N273.623 billion over the N2.378 trillion recorded in April 2026.

FAAC reported notable increases in collections from various tax categories, including Companies Income Tax, CIT, Capital Gains Tax, CGT, Stamp Duties, Petroleum Profit Tax, PPT, Hydrocarbon Tax, HT, and Oil Royalties during the month under review.

In contrast, collections from Import Duty, Value Added Tax, VAT, Excise Duty, and Common External Tariff, CET, Levies experienced declines compared to the preceding month.

The gross VAT revenue for May 2026 stood at N743.668 billion, which is lower than the N806.617 billion collected in April 2026.

Despite the decline in VAT collections, the Committee noted that the overall revenue position for the month was bolstered by improved receipts from petroleum-related taxes and Companies Income Tax.