The Federation Account Allocation Committee (FAAC) has successfully distributed N2.551 trillion in revenue to the federal government, the 36 states, and the 774 local government areas for the month of June 2026. This distribution was finalized during a meeting in Abuja presided over by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
According to Efe Ovuakporie, spokesperson for the Federal Ministry of Finance, the total disbursement included N1.810 trillion from statutory revenue and N740.724 billion from Value Added Tax (VAT) collections. From the statutory portion, the federal government was allocated N849.366 billion, states received N430.810 billion, and local governments were granted N332.136 billion. An additional N197.610 billion was paid to oil-producing states as part of the 13 percent derivation principle.
The VAT share saw the federal government receive N74.072 billion, states secure N407.398 billion, and local governments obtain N259.253 billion. In total, the federal government received N923.438 billion, states obtained N838.208 billion, and local governments took N591.390 billion, alongside the derivation payments.
The FAAC reported that gross revenue for June 2026 reached N4.501 trillion, marking a significant rise in statutory revenue by N1.049 trillion compared to May 2026. This increase was attributed to stronger earnings from Companies Income Tax, Import Duty, and Petroleum Royalties, among others. Conversely, some areas, such as Petroleum Profit Tax and Mineral Royalties, saw a decline in receipts. Furthermore, VAT collections improved from N743.668 billion in May to N799.746 billion in June.
