FAAC: FG, States, LGs Share N3.007 Trillion For July

Nigeria’s three tiers of government have shared N3.007 trillion as federation revenue for the month of July, the highest monthly allocation so far in 2026.

The figure was approved at the Federation Account Allocation Committee, FAAC, meeting held in Owerri, Imo State, on the margins of the ongoing National Council on Federation and Economic Development, NACOFED.

This was contained in a statement signed by Bawa Mokwa, Director of Press and Public Relations, Office of the Accountant-General of the Federation, OAGF.

—Statutory Revenue Drives Increase—

According to the FAAC communiqué, gross statutory revenue rose significantly to N4.359 trillion in July.

That represents an increase of N658.087 billion, or 17.8 per cent, compared to the N3.700 trillion recorded in June.

Mokwa said the jump was driven by growth in multiple revenue streams including Petroleum Profit Tax, PPT, Hydrocarbon Tax, HT, Companies Income Tax, CIT, Capital Gains Tax, CGT, Stamp Duty, petroleum royalties, mineral royalties, excise duty and gas-flaring penalties.

However, the gains were partly offset by declines in VAT, import duty, CET levies, rental of gas-flaring fees and miscellaneous oil revenue.

—VAT Revenue Records Slight Dip—

Gross Value Added Tax, VAT revenue stood at N793.968 billion in July.

That is a marginal decline of N5.778 billion, or 0.7 per cent, from the *
N799.746 billion recorded in June.

—Focus On Diversification And Discipline—

The Committee said it would continue working with revenue-generating agencies to close collection gaps and strengthen remittance discipline ahead of the planned accounts reconciliation exercise.

Mokwa reaffirmed FAAC’s commitment to “the full, transparent and timely remittance of collectible revenues into the Federation Account.”

He stressed the need to diversify federation revenue beyond oil, in line with ongoing tax administration and non-oil revenue mobilisation reforms.

“FAAC also highlighted the importance of continued coordination between the Federal Government and state governments through NACOFED on fiscal policy, revenue sharing and broader economic development priorities,” he said.

The statement noted that solid minerals and other non-oil royalty streams remain areas with significant potential for expanding federation revenue.

Mokwa added that the improvement in statutory revenue recorded in July would require continued discipline in collection and remittance by Ministries, Departments and Agencies, MDAs.

He reiterated support for reforms aimed at improving the predictability, sustainability and growth of allocations to the Federal Government, 36 states and 774 Local Government Councils.