By Adedapo Adesanya

The Federation Account Allocation Committee (FAAC) has shared a total of N2.300 trillion among the federal government, state governments, and Local Government Councils from the revenue generated in May 2026.

The amount is slightly higher than the N2.257 trillion distributed last month, according to a statement issued by the Head of Information at the Federal Ministry of Finance, Mrs Efe Ovuakporie.

The FAAC allocation was confirmed at its June 2026 meeting following consideration of revenue receipts for the month of May.

The total distributable revenue of N2.300 trillion comprised N1.611 trillion from statutory revenue and N688.785 billion from Value Added Tax (VAT).

From the distributable amount, the federal government received N818.680 billion, while state governments got N759.141 billion. Local Government Councils were given N534.277 billion, and oil-producing states received N188.132 billion as 13 per cent derivation revenue.

The gross statutory revenue for the month stood at N2.652 trillion, representing an increase of N273.623 billion compared to the N2.378 trillion recorded in April 2026.

FAAC reported significant increases in collections from Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), and oil royalties during the period under review.

However, collections from Import Duty, Value Added Tax (VAT), Excise Duty, and Common External Tariff (CET) levies recorded declines compared to the previous month.

Gross VAT revenue for May 2026 stood at N743.668 billion, lower than the N806.617 billion collected in April 2026.

The committee noted that despite the decline in VAT collections, overall revenue performance for the month was strengthened by improved receipts from petroleum-related taxes and Companies Income Tax.

By Modupe Gbadeyanka

Efforts are being made to deepen collaboration to promote transparency and accountability in the collection of oil and gas revenue in Nigeria.

Two key organisations involved in this, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigeria Revenue Service (NRS), recently held a strategic meeting to further work on ways to achieve this goal.

The chief executive of NUPRC, Mrs Oritsemeyiwa Eyesan, was at the headquarters of the tax-collecting agency in Abuja on Wednesday.

In discussions with the chairman of NRS, Mr Zacch Adedeji, she praised him for driving reforms that culminated in the enactment of the NRS Act.

Speaking on the transfer of revenue collection responsibilities, Mrs Eyesan said the process had been seamless, highlighting her organisation’s efforts to create an enabling environment for operators in the oil and gas industry.

She further revealed that Nigeria had the potential to produce 1.9 million barrels per day, having hit a peak production of 1.86 million barrels per day in May.

In his response, the NRS chairman praised NUPRC for its dynamism, professionalism and transparency, promising continued collaboration with the commission, particularly on matters relating to the transfer of revenue collection functions under the new Act.

“I collect revenue. I don’t generate revenue. Wherever revenue is, I work on it and keep an account for you. So, I’m helping you to collect your royalties,” Mr Adedeji said.

He pledged that the NRS would continue to support the commission to achieve its shared objective of increasing government revenues in a fair, transparent and sustainable manner.

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange jumped 1.04 per cent on Wednesday, June 17, with the market capitalisation adding N26.99 billion to settle at N2.619 trillion compared with the previous session’s N2.592 trillion, and the Unlisted Security Index (NSI) rising by 45.1 points to close at 4,378.45 points, in contrast to the preceding day’s 4,333.35 points.

The rally was driven by the gains reported by two securities, which outweighed the losses posted by three securities, led by FrieslandCampina Wamco Nigeria Plc, which dipped by N1.95 to N178.19 per unit from N180.14 per unit. Geo-Fluids Plc lost 19 Kobo to close at N2.61 per share compared with Tuesday’s closing price of N2.80 per share, and Food Concepts Plc slid by 1 Kobo to N1.77 per unit from N1.78 per unit.

On the flip side, Central Securities Clearing System (CSCS) Plc recorded a N6.33 appreciation to trade at N86.57 per share versus the previous day’s N80.24 per share, and Light House Financial Services Plc grew by 10 Kobo to N1.13 per unit from the N1.03 per unit it closed a day earlier.

In the midweek session, the value of stocks traded by investors surged by 181.0 per cent to N128.3 million from the preceding session’s N45.6 million, the volume of securities increased by 305.6 per cent to 2.8 million units from Tuesday’s 688,290 units, and the number of deals executed jumped by 6.5 per cent to 33 deals from 31 deals.

At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 67.3 million units exchanged for N4.6 billion.

GNI Plc also ended as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units sold for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.