The Federation Account Allocation Committee (FAAC) has shared N2.550trillion June 2026 revenue among the federal government, state’s and local government councils in the country.
The revenue was shared during the July 2026 FAAC meeting held in Abuja on Wednesday.
The Director of Press in the Office of the Accountant-General of the Federation, Bawa Mokwa, disclosed this in a statement he issued shortly after the meeting.
He said the N2.550 trillion total distributable revenue comprised distributable statutory revenue of N1.809 trillion and distributable Value Added Tax (VAT) revenue of N740.724 billion.
A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that total gross revenue of N4.500 trillion was available in the month of June 2026.
Total deduction for cost of collection was N160.744 billion, while total transfers and refunds were N1.789 trillion.
According to the communiqué, gross statutory revenue of N3.700 trillion was received for the month of June 2026.
This was higher than the sum of N2.651 trillion received in the preceeding month by N1.049 trillion.
Gross revenue of N799.746 billion was available from the Value Added Tax (VAT) in June 2026.
This was higher than the N743.688 billion available in the month of May 2026 by N56.078 billion.
The communiqué stated that from the N2.550 trillion total distributable revenue, the federal government received a total sum of N923.438 billion, and the state governments received a total sum of N838.208 billion.
The local government council received N591.390 billion, while the sum of N197.610 billion (13% of mineral revenue) was shared with the benefiting state as derivation revenue.
On the N1.809 trillion distributable statutory revenue, the communiqué stated that the federal government received N849.366 billion and the state governments received N430.810 billion.
The local government councils received N332.136 billion, and the sum of N197.610 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
From the N740.724 billion distributable Value Added Tax (VAT) revenue, the federal government received N74.072 billion, the state governments received N407.398 billion, and the local government councils received N259.253 billion.
In June 2026, Companies Income Tax (CIT), CGT, SDT, Petroleum Royalties, Gas Flared, Rental & MOR, Value Added Tax (VTA), Import Duty, and CET Levies increased significantly, while Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Mineral Royalties, and Fees decreased considerably. Excise duty increased only marginally.
(vitalnewsngr.com)
