JUST IN: States, FG, LGs share N3tn as July revenue rose by N658bn

The Federal Government, 36 states and 774 Local Government Councils collectively received N3.007tn in July 2026 as federation revenue, marking a N658.09bn increase compared to June 2026. This growth was primarily driven by higher petroleum and non-oil taxes, according to a statement by the Accountant-General of the Federation, Bawa Mokwa.

The gross statutory revenue reached N4.359tn in July, up N658.087bn or 17.8 per cent from N3.700tn in June. However, Gross Value Added Tax (VAT) revenue slightly declined by N5.778bn or 0.7 per cent, settling at N793.968bn. The Federation Account Allocation Committee (FAAC) approved the disbursement of N3.007tn across the national tiers of government during their August 2026 meeting in Owerri, Imo State.

Bawa emphasized the need to transform recent revenue growth into long-term economic strength, urging governments to focus on improving internally generated revenue, public assets, economic activity, private capital investment, human capital, and financial transparency.