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Lastest News Nigeria, Politics, Business, Sport, Interview
By Babatunji Wusu| The Federation Account Allocation Committee (FAAC) has approved the distribution of N2.257 trillion generated in April 2026 to the three tiers of government, representing a 10.85 per cent increase compared to the previous month’s allocation.
The latest FAAC revenue allocation reflects an increase of about N221 billion over the N2.036 trillion shared from March 2026 revenue. The decision was reached during the May 2026 FAAC meeting held in Abuja.
According to the communiqué issued after the meeting, the distributable revenue comprised N1.260 trillion from statutory revenue, N747.088 billion from Value Added Tax (VAT) and an augmentation of N250 billion.
FAAC disclosed that the total gross revenue available for April stood at N3.184 trillion. From this amount, N113.756 billion was deducted as the cost of collection, while N813.839 billion was allocated for transfers, refunds and savings.
The committee reported strong growth in revenue collections during the month. Gross statutory revenue rose significantly to N2.378 trillion, up from N1.699 trillion recorded in March. Likewise, gross VAT revenue increased to N806.617 billion, compared with N664.425 billion in the previous month.
Under the approved FAAC revenue allocation, the Federal Government received N787.351 billion, while the 36 state governments shared N772.360 billion. The 774 local government councils received N540.152 billion, while oil-producing states received N157.254 billion as 13 per cent derivation revenue.
A breakdown of the statutory revenue allocation showed that the Federal Government received N580.942 billion, states got N294.661 billion, and local governments received N227.172 billion. The benefiting oil-producing states also received N157.254 billion from the derivation component.
The communiqué noted that collections from Companies Income Tax, Capital Gains Tax, Stamp Duties, Import Duty, Oil and Gas Royalties, and VAT recorded significant increases. However, revenues from Petroleum Profit Tax, Hydrocarbon Tax, Excise Duty, and Common External Tariff levies declined during the period.
