FAAC Shares N3.007trn to FG, States, LGs as Statutory Revenue Rises

The three tiers of government have received a combined ₦3.007 trillion from the Federation Account for July 2026, following the latest revenue allocation by the Federation Account Allocation Committee (FAAC).

The allocation was approved at the FAAC meeting held yesterday in Owerri, Imo State, on the sidelines of the ongoing National Council on the Federation and Economic Development (NACOFED).

The amount is higher than the ₦2.551 trillion shared in the previous month. Of the distributable revenue, ₦1.810 trillion came from statutory revenue, while ₦740.724 billion was generated through Value Added Tax (VAT).

In its communique, FAAC said the latest figures reflected an improvement in the country’s revenue position, as gross statutory revenue climbed to ₦4.359 trillion.

This represents a rise of ₦658.087 billion, equivalent to 17.8 per cent, from the ₦3.700 trillion recorded in the preceding month.

The committee linked the increase to stronger collection performance from both oil and non-oil statutory revenue sources.

However, gross VAT revenue recorded a slight decline during the period, dropping to ₦793.968 billion from ₦799.746 billion in the previous month.

The ₦5.778 billion, or 0.7 per cent, decline was described as marginal, with the committee noting that consumption-tax receipts remained resilient month-on-month.

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