The Federal Government, 36 states and Local Government Councils have received a total of N2.3 trillion from the May 2026 Federation Account Allocation Committee (FAAC) revenue sharing.
The allocation was announced at the June 2026 FAAC meeting held in Abuja.
Mr Bawa Mokwa, Director of Press and Public Relations at the Office of the Auditor-General of the Federation (OAGF), disclosed the figures in a statement issued on Wednesday.
According to Mokwa, the total distributable revenue of N2.3 trillion consisted of N1.611 trillion from statutory revenue and N688.785 billion from Value Added Tax (VAT) revenue.
He explained that the federation recorded a gross revenue of N3.395 trillion in May 2026 before deductions and transfers.
FAAC revealed that N123.546 billion was deducted as the cost of revenue collection, while N971.610 billion was spent on transfers and refunds.
The statement added that gross statutory revenue stood at N2.651 trillion in May 2026, representing an increase of N273.623 billion compared to the N2.378 trillion recorded in April.
Revenue generated from Value Added Tax (VAT), however, declined during the period.
VAT revenue dropped to N743.668 billion in May from N806.617 billion recorded in the previous month, representing a decrease of N62.949 billion.
From the total N2.3 trillion shared by FAAC, the Federal Government received N818.680 billion, while state governments received N759.141 billion.
Local Government Councils received N534.277 billion, while N188.132 billion was allocated to benefiting states as 13 per cent derivation revenue from mineral resources.
Breaking down the statutory revenue allocation, the Federal Government received N749.801 billion from the N1.611 trillion shared.
State governments received N380.309 billion, while Local Government Councils received N293.202 billion.
The remaining N188.132 billion was distributed to mineral-producing states under the derivation principle.
For the N688.785 billion VAT allocation, the Federal Government received N68.879 billion, state governments got N378.832 billion, and Local Government Councils received N241.075 billion.
Mokwa also noted that several revenue sources recorded growth in May 2026, including Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duty Tax (SDT), Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Oil and Gas Royalty and Import Duty.
However, revenue from VAT, Excise Duty and CET Levies recorded a decline during the period