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The Federal Account Allocation Committee (FAAC) has shared a total of N3.007 trillion to the Federal Government, states, and Local Government Councils as revenue for July 2026.
The figure represents an increase in revenue shared by the three tiers of government, with the Federal Government receiving N1.146 trillion, states N943.352 billion, and Local Government Councils N673.649 billion.
The figures were contained in a communiqué issued Tuesday and signed by Bawa Mokwa, the Director of Press and Public Relations in the Office of the Accountant-General of the Federation.
According to the communiqué, N243.478 billion, representing 13 per cent of mineral revenue, was shared with benefiting states as derivation revenue.
It said gross statutory revenue rose to N4.359 trillion in July 2026, an increase of N658.087 billion, or 17.8 per cent, from the N3.700 trillion recorded in June.
The increase, FAAC said, reflected improved collections from both oil and non-oil revenue sources.
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Meanwhile, gross Value Added Tax (VAT) revenue stood at N793.968 billion in July, representing a marginal decline of N5.778 billion, or 0.7 per cent, from the N799.746 billion recorded in June.
The committee attributed the increase in revenue to improved collections from several revenue sources.
It said 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 all recorded significant increases during the month.
However, the gains were partly offset by declines in VAT, Import Duty, CET Levies, Rental of Gas Flared Fee and Miscellaneous Oil Revenue.
FAAC said it would continue to work with revenue-generating agencies to close collection gaps and improve remittance discipline.
