The Federation Account Allocation Committee (FAAC) has shared N3 trillion in July revenue among the federal, state and local governments.
The committee said the increase was driven by better collections from oil and non-oil revenue sources. Gross statutory revenue rose to N4.359 trillion in July 2026, up N658.087 billion, or 17.8 per cent, from N3.700 trillion recorded in June.
FAAC disclosed this in a communiqué issued after its August 2026 meeting in Owerri, Imo State.
The committee said gross Value Added Tax (VAT) revenue remained largely steady at N793.968 billion. However, it fell slightly by N5.778 billion, or 0.7 per cent, from N799.746 billion in June.
The Federal Government received N1.146 trillion, while state governments got N943.352 billion. Local Government Councils received N673.649 billion. Also, N243.478 billion, representing 13 per cent of mineral revenue, was shared with benefiting states as derivation revenue.
FAAC said several revenue sources recorded strong growth in July. They included Petroleum Profit Tax, Hydrocarbon Tax, Companies Income Tax, Capital Gains Tax, Stamp Duty Tax, Petroleum Royalties, Mineral Royalties, Excise Duty and Gas Flared Penalty.
However, VAT, Import Duty, CET Levies, Rental of Gas Flared Fee and Miscellaneous Oil Revenue declined.
The committee said it would keep monitoring the areas while working with revenue agencies to close collection gaps and improve remittance.
A statement signed by Bawa Mokwa, Director of Press and Public Relations, Office of the Accountant-General of the Federation, said FAAC also reaffirmed its commitment to full, transparent and timely remittance of collectable revenue by all revenue-generating agencies into the Federation Account.
