FAAC Distributes N2.55 Trillion as June Gross Revenue Rises 32.6%

ABUJA — The Federation Account Allocation Committee (FAAC) distributed N2.550 trillion to the federal, state and local governments as revenue allocation for June 2026, after gross federation revenue surged 32.6% month-on-month to N4.500 trillion, according to MarketForces Africa and Nairametrics. The allocation was announced in a statement on Wednesday by Mr. Bawa Mokwa, Director of Press and Public Relations in the Office of the Accountant-General of the Federation (OAGF), following the July 2026 FAAC meeting in Abuja, the reports said. According to the communiqué, the distributable pool comprised N1.809 trillion from statutory revenue and N740.724 billion from Value Added Tax. A breakdown showed the Federal Government received N923.438 billion, the 36 state governments got N838.208 billion, the 774 local government councils received N591.390 billion, and oil-producing states got N197.610 billion as the constitutionally mandated 13% derivation revenue. Gross statutory revenue rose to N3.700 trillion in June from N2.651 trillion in May, while gross VAT increased to N799.746 billion, the statement said. N160.744 billion was deducted as collection cost and N1.789 trillion as transfers and refunds before distribution. The stronger allocation reflects improved federally collected revenue from statutory and VAT receipts, the reports noted. Source: MarketForces Africa and Nairametrics. Source Reporters corrects errors promptly; contact the desk with amendments.