President Tinubu

About N500 billion was reportedly deducted from the Federation Account Allocation Committee (FAAC) revenue for May 2026 to fund a national security emergency intervention before the monthly allocation was shared among the three tiers of government.
Sources familiar with the FAAC proceedings disclosed that the deduction was made prior to the distribution of revenue to the Federal Government, the 36 states and the 774 local government councils. According to one of the officials, “FAAC deducted N500 billion for the national security emergency fund this month.”
Another source explained that the deduction accounted for a significant portion of the difference between the total revenue generated and the amount eventually distributed. The official further stated that state commissioners of finance, who are members of FAAC, were aware of the deduction, suggesting that the decision was not made without their knowledge.
Supporting the claims, an official FAAC allocation document obtained on Thursday revealed substantial deductions from federation revenues during the May 2026 allocation process. The document showed that N250 billion was earmarked for a Military Intervention Fund, while N252 billion was allocated to states under an Infrastructure Development Fund.
In addition, N450 billion was transferred to the Non-Oil Excess Revenue Account, bringing the total value of the three major deductions to N952 billion.
The development emerged as FAAC announced the distribution of N2.3 trillion to the Federal Government, state governments and local government councils as revenue allocation for May 2026.
According to a statement issued by the Director of Press and Public Relations in the Office of the Auditor-General of the Federation, Bawa Mokwa, the N2.3 trillion shared for May represented an increase of N43 billion over the N2.26 trillion distributed in April 2026.
The latest allocation reflects a continued rise in federation revenues. The N2.257 trillion shared from April revenue exceeded the N2.04 trillion distributed for March by N217 billion, while March’s allocation was N150 billion higher than the N1.89 trillion shared in February.
FAAC disclosed that the distributable revenue comprised N1.611 trillion in statutory revenue and N688.785 billion generated from Value Added Tax (VAT).
A communiqué issued after the meeting indicated that total gross revenue available in May stood at N3.395 trillion. From this amount, N123.546 billion was deducted as the cost of collection, while N971.610 billion was set aside for transfers, interventions and refunds.
Of the N2.3 trillion distributed, the Federal Government received N818.680 billion, state governments got N759.141 billion, while the 774 local government councils received N534.277 billion. Oil-producing states also shared N188.132 billion as 13 per cent derivation revenue.
Although the official communiqué did not provide a detailed breakdown of the transfers and refunds component, sources maintained that the N500 billion security intervention fund formed part of the pre-distribution deductions made from federation revenues for the month.