FAAC Allocates Record N3.007 Trillion July Revenue To Federal, States, And Local Governments

The Federation Account Allocation Committee has approved the disbursement of a total of N3.007 trillion in revenue for July 2026 to the three tiers of government. This was decided at the committee’s August meeting held in Owerri, Imo State.

The Federal Government received N1.146 trillion, the 36 states received N943.352 billion, and the 774 local government councils received N673.649 billion.

An additional N243.478 billion, representing 13 per cent of mineral revenue, was shared among the benefiting states as derivation revenue.

The July disbursement represents a significant increase compared to the N2.55 trillion shared in June, marking the highest monthly FAAC allocation recorded so far in 2026.

This increase was driven by a sharp rise in gross statutory revenue, which grew to N4.359 trillion from N3.700 trillion in June.

The committee attributed this growth to improved collections from various revenue sources. Bawa Mokwa, Director of Press and Public Relations in the Office of the Accountant-General of the Federation, noted in a statement that “the month’s figures point to a strengthening underlying revenue base,” adding that “gross statutory revenue rose to N4.359 trillion in July 2026, up N658.087 billion, or 17.8 per cent.”

Other key revenue streams that recorded significant increases included Petroleum Profit Tax, Companies Income Tax, and Capital Gains Tax.

These gains were partially offset by a decline in Value Added Tax revenue, which fell marginally to N793.968 billion from N799.746 billion in June.