FAAC: FG, states, LGs share N16tn in seven months as revenue

The Federal Government, 36 state governments and 774 local government councils shared a total of N15.997 trillion, or approximately N16 trillion, in revenue from the Federation Account between January and July 2026.

The figure rose to N15.997 trillion following the latest disbursement of N3.007 trillion for July, the highest monthly allocation recorded so far this year.

The Federation Account Allocation Committee, FAAC, approved the July allocation at its meeting held in Owerri, Imo State, according to a statement issued on Tuesday by the spokesperson for the Office of the Accountant-General of the Federation, Bawa Mokwa.

FAAC distributed N1.96 trillion in January, N1.89 trillion in February, N2.04 trillion in March, N2.25 trillion in April, N2.30 trillion in May and N2.55 trillion in June.

The total amount shared in the first six months of the year stood at N12.99 trillion.

With the addition of the N3.007 trillion allocated in July, total FAAC disbursements between January and July increased to N15.997 trillion.

The July allocation represents an increase of N457 billion, or 17.9 per cent, compared with the N2.55 trillion shared in June.

Meanwhile, gross statutory revenue rose significantly to N4.359 trillion in July from N3.700 trillion in June, representing an increase of N658.087 billion, or 17.8 per cent.

However, gross Value Added Tax (VAT) revenue declined marginally to N793.968 billion in July from N799.746 billion in June.

VAT revenue fell by N5.778 billion, representing a 0.7 per cent decrease.

The latest figures show that FAAC disbursements averaged about N2.285 trillion monthly between January and July 2026, with July recording the highest allocation during the period.

Recall that the Minister of Finance, Taiwo Oyedele, said each tier of government received at least N2 trillion monthly during the period under review.