Business and Economy
FAAC shares N2.55tn as June revenue rises sharply.
The Federal Government, the 36 states and the 774 Local Government Councils have shared a total of N2.550 trillion as Federation Account revenue for June 2026.
According to a communiqué issued after the meeting, the distributable revenue comprised N1.
The communiqué stated that gross statutory revenue for June was N3.700 trillion, representing an increase of N1.049 trillion from the N2.651 trillion generated in May 2026. Gross VAT revenue also rose to N799.746 billion, up by N56.078 billion from the N743.688 billion recorded in the previous month.
From the total distributable revenue of N2.550 trillion, the Federal Government received N923.438 billion, state governments got N838.208 billion, while local government councils received N591.390 billion. In addition, N197.610 billion, representing 13 per cent derivation revenue, was shared among eligible oil-producing states.
Of the N1.809 trillion statutory revenue, the Federal Government received N849.366 billion, states received N430.810 billion, while local government councils got N332.136 billion. The oil-producing states also received N197.610 billion as derivation revenue.
From the N740.724 billion VAT revenue, the Federal Government received N74.072 billion, the states got N407.398 billion, while local government councils received N259.253 billion.
FAAC further noted that revenues from Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SDT), Petroleum Royalties, Gas Flared, Rentals and Miscellaneous Oil Revenue (MOR), Value Added Tax (VAT), Import Duty and CET Levies recorded significant increases during the month. However, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Mineral Royalties and Fees declined considerably, while Excise Duty recorded only a marginal increase.
