The Federal Government, the 36 states and the 774 local government councils have shared a total of N3.007 trillion as federation revenue for July 2026.
The allocation was approved at the August 2026 meeting of the Federation Account Allocation Committee (FAAC) held in Owerri, Imo State.
According to a statement by the Director of Press and Public Relations in the Office of the Accountant-General of the Federation, Bawa Mokwa, gross statutory revenue rose to N4.359 trillion in July from N3.700 trillion in June an increase of N658.087 billion, or 17.8 per cent.
The growth was driven by improved collections from Petroleum Profit Tax, Hydrocarbon Tax, Companies Income Tax, Capital Gains Tax, Stamp Duty, petroleum and mineral royalties, excise duty and gas flaring penalties.
Gross Value Added Tax (VAT) revenue, however, declined slightly to N793.968 billion from N799.746 billion in the previous month, a drop of N5.778 billion (0.7 per cent).
The FAAC meeting, held on the sidelines of the National Council of Federation and Economic Development, also reviewed the broader fiscal situation and urged all tiers of government to convert the rising revenues into lasting economic gains through improved internally generated revenue, better asset management, transparency and investment in human capital.
