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🇳🇬 Nigeria /Economy & Trade

JUST IN: States, FG, LGs share N3tn as July revenue rose by N658bn

From The Punch · () English

Summarized by DistantNews. Read the original for the full story.

At a glance

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  • Nigeria's federal government and its states shared N3.007 trillion in July 2026 revenue, an increase driven by higher petroleum and non-oil tax receipts.
  • Gross statutory revenue rose by 17.8% to N4.359 trillion, though Value Added Tax revenue saw a slight decline.
  • The revenue increase follows major fiscal reforms, prompting discussions on translating growth into improved infrastructure and social services.

Nigeria's three tiers of government shared N3.007 trillion in federation revenue for July 2026, marking a significant increase attributed to improved collections from petroleum and non-oil taxes. The Federation Account Allocation Committee (FAAC) approved the disbursement following its August meeting in Owerri, Imo State.

The month’s figures point to a strengthening underlying revenue base. Gross statutory revenue rose to N4.359 trillion in July 2026, up N658.087bn, a 17.8 per cent increase, from N3.700tn in June 2026, reflecting improved collection performance across oil and non-oil statutory sources.

— Bawa MokwaDirector of Press and Public Relations in the Office of the Accountant-General of the Federation, explaining the revenue increase.

Gross statutory revenue climbed to N4.359 trillion in July from N3.700 trillion in June, an increase of N658.087 billion or 17.8%. This growth signals a strengthening revenue base, with notable gains in Petroleum Profit Tax, Hydrocarbon Tax, Companies Income Tax, and petroleum royalties. However, this was partially offset by declines in Value Added Tax (VAT), import duty, and other levies.

The uptick in revenue follows major fiscal reforms, including the removal of petrol subsidy and foreign exchange adjustments. These reforms aim to bolster the nation's financial health. The FAAC meeting also served as a platform for finance commissioners and accountants-general to discuss how this recent revenue growth can be effectively converted into tangible economic improvements, such as stronger state economies, enhanced infrastructure, and better social services for citizens.

Gross VAT revenue held broadly steady at N793.968bn, a marginal decline of N5.778bn (0.7 per cent) from N799.746bn in June, suggesting consumption-tax receipts remain resilient month-on-month.

— Bawa MokwaDirector of Press and Public Relations in the Office of the Accountant-General of the Federation, commenting on VAT revenue.

Despite the positive revenue figures, gross VAT revenue experienced a marginal decrease of N5.778 billion, or 0.7%, from N799.746 billion in June to N793.968 billion in July. This suggests that while overall collections are robust, consumption-tax receipts remain relatively stable month-on-month. The committee plans to continue monitoring revenue-generating agencies to close collection gaps and improve remittance discipline.

The Committee will continue to monitor as it works with revenue-generating agencies to close collection gaps and improve remittance discipline.

— Bawa MokwaDirector of Press and Public Relations in the Office of the Accountant-General of the Federation, on future revenue collection efforts.
About this summary

Originally published by The Punch. Summarized and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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