FAAC disburses N3.007 trillion to FG, states, councils for July

Nigeria's three tiers of government shared a total of N3.007 trillion from the Federation Account for the month of July 2026, reflecting a significant increase in the nation's revenue base. The disbursement was approved by the Federation Account Allocation Committee at its monthly meeting held in Owerri, Imo State, on August 17, 2026, on the sidelines of the National Council of the Federation and Economic Development.

According to a communiqué released by the office of the Accountant-General of the Federation, the gross statutory revenue for July reached N4.359 trillion. This represents a 17.8% increase of N658.087 billion from the N3.700 trillion recorded in June. The growth was attributed to improved collection performance across both oil and non-oil statutory sources. Revenue streams that saw significant increases included Petroleum Profit Tax, Hydrocarbon Tax, Companies Income Tax, Capital Gains Tax, Stamp Duty Tax, petroleum royalties, mineral royalties, excise duty, and gas-flaring penalties.

Gross Value Added Tax revenue stood at N793.968 billion, a marginal decline of 0.7% from the previous month, suggesting resilience in consumption-tax receipts. The total distributable...