FAAC shares N2.55tn as June revenue jumps

The Federation Account Allocation Committee (FAAC) has announced the distribution of N2.55tn from June 2026 revenue among the Federal Government, state governments, and local government councils. This figure marks a substantial increase of N250bn compared to the N2.3tn shared in May, reflecting a 10.9% month-on-month growth and continuing a steady upward trend in federation revenue for the year.

The total distributable revenue of N2.55tn is composed of N1.81tn from statutory revenue and N740.72bn from Value Added Tax (VAT) revenue. The committee's communiqué highlighted a sharp increase in gross statutory revenue, which rose to N3.7tn in June from N2.65tn in May, an increase of N1.05tn. Gross VAT revenue also saw improvement, climbing to N799.75bn from N743.69bn in May.

According to the communiqué, the enhanced revenue performance is attributed to stronger collections from key sources, including Companies Income Tax, CGT, SDT, Petroleum Royalties, Gas Flared, Rental & MOR, Value Added Tax, Import Duty, and CET Levies. These increases offset considerable decreases in Petroleum Profit Tax, Hydrocarbon Tax, Mineral Royalties, and Fees. From the distributed N2.55tn, the Federal Government received N923.44bn, states received N838.21bn, and local governments received N591.39bn, with oil-producing states also receiving N197.61bn as 13% derivation revenue.

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A total sum of N2.55tn, being June 2026 Federation Account Revenue, has been shared to the Federal Government, States and the Local Government Councils.