FAAC: Three Tiers of Government Share ₦2.550 Trillion as June 2026 Revenue; States and LGAs Receive Over ₦1.36 Trillion The Federation Account Allocation Committee (FAAC) has distributed a total of ₦2.551 trillion as Federation Account revenue for June 2026 to the Federal Government, the 36 state governments, and the 774 Local Government Councils across Nigeria. The allocation was approved during the FAAC meeting held in July 2026 in Abuja and chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy. The meeting was attended by the Accountant-General of the Federation, State Commissioners of Finance, and other members of the committee. ( FMINFO ) Breakdown of the Revenue Distribution The total distributable revenue of ₦2.551 trillion comprised: ₦1.810 trillion from Statutory Revenue. ₦740.724 billion from Value Added Tax (VAT). ( FMINFO ) Statutory Revenue Allocation From the statutory revenue: Federal Government: ₦849.366 billion State Govern...
What Nigeria’s New Tax Law Really Means for Your Income and Business in 2026 New Tax Law Explained On January 1, 2026 , Nigeria will begin enforcing a major overhaul of its tax system — the most extensive reform in decades. Signed into law in June 2025 , these changes are aimed at simplifying the tax code, expanding the tax base, modernizing administration, and aligning Nigeria with global norms. ( Business Post Nigeria ) Below is a clear breakdown of what it means for workers, small businesses, medium and large firms, and everyday Nigerians . 🧾 1. Big Picture: What’s Changing in 2026 Nigeria’s tax reform consolidates several older laws (like the Personal Income Tax Act, VAT Act, Capital Gains Tax Act) into one modern tax framework — the Nigeria Tax Act (NTA) 2025 . It also introduces the Nigeria Revenue Service (NRS) to replace the Federal Inland Revenue Service (FIRS) as the main tax collector with stronger digital enforcement and broader powers. ( Tax News ) Key aims...