The Federation Account Allocation Committee (FAAC) has distributed N2.55 trillion as June 2026 revenue to the Federal Government, the 36 states and the 774 local government councils.

The allocation was approved during FAAC’s July meeting held in Abuja on Wednesday, according to a statement by Bawa Mokwa, Director of Press and Public Relations in the Office of the Accountant-General of the Federation.

The committee said the distributable revenue comprised N1.8 trillion from statutory revenue and N740.72 billion from Value Added Tax (VAT).

According to the statement, the Federation Account recorded a gross revenue of N4.5 trillion in June. From this amount, N160.74 billion was deducted as the cost of collection, while N1.78 trillion was earmarked for transfers, interventions and refunds.

Of the total distributable revenue, the Federal Government received N923.43 billion, the 36 states received N838.2 billion, while the 774 local government councils got N591.39 billion. Oil-producing states also received N197.61 billion as 13 per cent derivation revenue.

FAAC noted that gross statutory revenue increased significantly from N2.65 trillion in May to N3.7 trillion in June, representing a rise of N1.04 trillion.

Gross VAT revenue also grew from N743.68 billion in May to N799.74 billion in June, reflecting an increase of N56.07 billion, or 7.5 per cent.

From the N1.8 trillion distributable statutory revenue, the Federal Government received N849.36 billion, states received N430.81 billion, while local government councils got N332.13 billion. The oil-producing states also received N197.61 billion as derivation revenue.

Similarly, of the N740.72 billion distributable VAT revenue, the Federal Government received N74.07 billion, the states got N407.39 billion, while local government councils received N259.25 billion.

FAAC further disclosed that collections from Company Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties, petroleum royalties, gas flaring penalties, rents, miscellaneous oil revenue (MOR), Value Added Tax (VAT), import duties and Common External Tariff (CET) levies recorded notable increases during the month.

However, the committee said revenue from Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), mineral royalties and fees declined, while excise duty posted only a marginal increase.