Three Tiers Of Govt Harvest Bumper Revenue As FAAC Shares ₦3.007 Trillion 

The three tiers of government have harvested bumper revenue as the Federation Accounts Allocation Committee (FAAC) has disbursed a first of its kind total sum of ₦3.007 trillion to the three tiers as revenue for the Month of July, 2026.

The allocation was disclosed at the end its monthly meeting held in Owerri, according to a statement by the Director of Press and Public Relations, Office of the Accountant General of the Federation, Bawa Mokwa.

He said that FAAC approved the disbursement of a total of ₦3.007 trillion to the Federal Government, the 36 State Governments and the 774 Local Government Councils as revenue for July 2026.

The Federal Government received total sum of N1.146 trillion, the State Governments received total sum of N943.352 billion, the Local Government Council received N673.649 billion and the sum of N243.478 billion (13% of mineral revenue) was shared to the benefiting State as derivation revenue.

He explained that the month’s figures point to a strengthening underlying revenue base.

According to him, “Gross statutory revenue rose to ₦4.359 trillion in July 2026, up ₦658.087 billion – a 17.8% increase – from ₦3.700 trillion in June 2026, reflecting improved collection performance across oil and non-oil statutory sources. Gross VAT revenue held broadly steady at ₦793.968 billion, a marginal decline of ₦5.778 billion (0.7%) from ₦799.746 billion in June, suggesting consumption-tax receipts remain resilient month-on-month.”

He the communiqué released at the end of the allocation meeting attributed the month’s gains to broad-based strength across several revenue lines.

The revenue lines include Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duty Tax (SDT), Petroleum Royalties, Mineral Royalties, Excise Duty and Gas Flared Penalty as all recorded significant increases in July 2026, pointing to firmer compliance and collection efficiency across both oil and non-oil channels.

These gains were partly offset by declines in Value Added Tax (VAT), Import Duty, CET Levies, Rental of Gas Flared Fee and Miscellaneous Oil Revenue, which the Committee will continue to monitor as it works with revenue-generating agencies to close collection gaps and improve remittance discipline.