The federation account allocation committee (FAAC) says it distributed the sum of N2.3 trillion in May to the federal government, states, and local government councils.
According to NAN, Bawa Mokwa, director of press and public relations at the office of the auditor-general of the federation (OAGF), announced the allocation in a statement on Wednesday.
In April, the federal government, states, and local governments shared N2.25 trillion.
Mokwa said the May allocation was made at the June 2026 FAAC meeting held in Abuja.
He said the N2.3 trillion distributable revenue comprised N1.611 trillion statutory revenue and N688.785 billion value-added tax (VAT) revenue.
According to the communiqué issued after the meeting, total gross revenue available in May stood at N3.39 trillion.
The committee said N123.54 billion was deducted as cost of collection, while N971.61 billion was recorded as transfers, and refunds.
FAAC said gross statutory revenue for May was N2.65 trillion, representing an increase of N273.62 billion from the N2.37 trillion recorded in April.
VAT REVENUE DECLINED BY N62BN
The communique added that gross VAT revenue fell to N743.66 billion in May from N806.61 billion in April — a decline of N62.94 billion.
From the N2.3 trillion distributable revenue, the federal government received N818.68 billion, states got N759.14 billion, while local government councils received N534.27 billion.
“The local government council received N534.277 billion, while the sum of N188.132 billion (13 percent of mineral revenue) was shared to the benefiting states as derivation revenue,” the committee said.
“On the N1.611 trillion distributable statutory revenue, the communiqué stated that the federal government received N749.801 billion and the state governments received N380.309 billion.
“The local government councils received N293.202 billion and the sum of N188.132 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.”
From the N688.78 billion VAT revenue, the federal government received N68.87 billion, states got N378.83 billion, while local government councils received N241.07 billion.
Mokwa said revenue from companies income tax (CIT), capital gains tax (CGT), stamp duties (SDT), petroleum profit tax (PPT), hydrocarbon tax (HT), oil and gas royalties, and import duty recorded significant increases during the period.
The director added that collections from VAT, excise duty, and CET levies declined
