The Federation Account Allocation Committee (FAAC) has distributed a total sum of ₦2.3 trillion to the Federal Government, States, and Local Government Councils as revenue allocation for May 2026.

The figure, confirmed at the June 2026 FAAC meeting, comprises ₦1.611 trillion from Statutory Revenue and ₦688.785 billion from Value Added Tax (VAT).

According to the breakdown, the Federal Government received ₦818.680 billion, States got ₦759.141 billion, and Local Government Councils received ₦534.277 billion. In addition, oil-producing states received ₦188.132 billion as 13 per cent derivation.

FAAC noted that gross statutory revenue for May stood at ₦2.652 trillion, representing an increase of ₦273.623 billion compared to April. The committee attributed the rise to stronger collections from Companies Income Tax, Capital Gains Tax, Stamp Duties, Petroleum Profit Tax, Hydrocarbon Tax, and Oil Royalties.

However, gross VAT revenue declined to ₦743.668 billion from ₦806.617 billion recorded in April. Despite the drop in VAT, FAAC said improved receipts from petroleum-related taxes and company income tax helped strengthen the overall revenue position for the month.

The Committee assured that efforts will continue to sustain revenue growth and improve fiscal stability across the federation.