By Friday Temitope Eugenia | National News

The Federal Government, states and local government councils have shared a total of N3.007 trillion from revenue generated in July 2026.

The allocation was announced following the meeting of the Federation Account Allocation Committee (FAAC), held on Tuesday on the sidelines of the ongoing National Council on Federation and Economic Development (NACOFED) in Owerri, Imo State.

The latest allocation represents an increase over the N2.551 trillion shared by the three tiers of government in the previous month.

According to the FAAC communiqué, gross statutory revenue increased significantly to N4.359 trillion, representing a rise of N658.087 billion, or 17.8 per cent, compared with the N3.700 trillion recorded in the preceding month.

The committee attributed the increase to improved revenue collection from both oil and non-oil statutory sources.

Meanwhile, gross revenue from Value Added Tax (VAT) stood at N793.968 billion, representing a marginal decline of N5.778 billion, or 0.7 per cent, from the N799.746 billion recorded in the previous month.

Despite the slight decline in VAT receipts, FAAC noted that consumption-tax revenue remained relatively resilient during the period.

The latest distribution comes amid continued efforts by the three tiers of government to strengthen revenue generation and improve fiscal capacity amid rising demands for public spending.