This is the biggest amount ever distributed from the country’s Consolidated Revenue Fund. Compared to what was shared the previous month, the new figure is higher by N250 billion. That represents a 10.9 percent jump in just one month.
The announcement came after the monthly revenue-sharing meeting held in Abuja in July 2026. The Director of Press and Public Relations at the Office of the Accountant-General of the Federation confirmed the figures and said the approval was given during that meeting.
So where did all the money come from? The report showed that the total gross revenue collected for June stood at N4.500 trillion. From that amount, several deductions were made before sharing. About N160.744 billion was taken out to cover the cost of collecting the revenue. Another N1.789 trillion was set aside for transfers and refunds. What remained after those deductions was the N2.550 trillion that was shared.
The money shared came from two main sources. The first is statutory revenue. The second is Value Added Tax, commonly called VAT.
For statutory revenue, the amount available for sharing was N1.809 trillion. For VAT, the distributable portion was N740.724 billion. When you add both together, you get the full N2.550 trillion.
The reason for the big increase this month is tied to stronger performance across several tax and revenue lines. Collections improved significantly from Companies Income Tax. There was also better money coming in from Capital Gains Tax and Stamp Duties. The oil and gas sector contributed more too, through petroleum royalties, gas flaring penalties, and rental income. Government also recorded higher earnings from Minimum Operating Revenue.
On the trade side, import duties and levies under the Common External Tariff did well. VAT itself also posted stronger numbers compared to May.
Looking at the gross figures, statutory revenue jumped sharply. In May, gross statutory revenue was N2.651 trillion. In June it rose to N3.700 trillion. That is an increase of N1.049 trillion in one month.
VAT also grew. Gross VAT collection in May was N743.688 billion. In June it climbed to N799.746 billion. That is an extra N56.078 billion.
Not every revenue line did well though. The report noted that money from Petroleum Profit Tax and Hydrocarbon Tax dropped during the month. Earnings from mineral royalties and related fees also declined. Excise duties only recorded a small increase.
Now to how the N2.550 trillion was shared.
The federal government got the largest single share. It received N923.438 billion.
The 36 state governments shared N838.208 billion among themselves.
The 774 local government councils got N591.390 billion in total.
In addition, oil-producing states received N197.610 billion separately. This is the 13 percent derivation fund that the constitution sets aside for states that produce oil and minerals.
If we break it down further by source, the picture becomes clearer.
From the N1.809 trillion statutory revenue, the federal government took N849.366 billion. The states got N430.810 billion. Local councils received N332.136 billion. The oil-producing states again got N197.610 billion as their derivation share from mineral revenue.
From the N740.724 billion VAT pool, the federal government received N74.072 billion. The states shared N407.398 billion. Local governments got N259.253 billion.
Officials said the improved performance shows that efforts to widen the tax net and block leakages are beginning to yield results. Stronger compliance by companies, better remittances from oil companies, and improved import activities all helped to push the numbers up.
For states and local governments, this larger allocation means more money to pay salaries, fund projects, and run basic services. For the federal government, it provides more room to finance national programs, infrastructure, and security.
Economists who reviewed the figures said this is a positive signal, but they also cautioned that the decline in some oil-related taxes needs to be watched. A drop in Petroleum Profit Tax and Hydrocarbon Tax could signal volatility in that sector, even as other areas like CIT and VAT are doing well.
The Accountant-General’s office emphasized that the distribution followed the approved revenue formula. That formula determines how much each tier gets based on population, equality, land mass, and derivation principles.
With June 2026 now setting a new record, all eyes will be on July collections to see if the upward trend can be sustained. For now, government agencies at all levels have more resources to work with than they did last month.
