Every month, the Federation Account Allocation Committee — FAAC — meets to share out the pool of federally collected revenue: oil receipts, VAT, company income tax, and import and excise duties. The money is split three ways, between the federal government, the 36 states plus the FCT, and the 774 local government councils. For most states it is the largest single line of revenue. For the majority of the 774 councils it is the only significant one. That is why a FAAC number is never just a federal-budget story.
The ₦2 trillion run
In 2026, monthly FAAC crossed a threshold it had never crossed before — and then held it:
| Revenue month | Total distributed | Note |
|---|---|---|
| March 2026 | ₦2,036bn | First month above ₦2 trillion on record |
| April 2026 | ₦2,257bn | New high |
| May 2026 | ₦2,300bn | Third consecutive month above ₦2trn — the trend is confirmed |
Three consecutive prints above ₦2trn is not a one-month anomaly; it is a step-change in the revenue profile. The drivers are identifiable: improved NNPCL remittances after the subsidy reform, naira-denominated valuation gains on dollar-priced oil revenue once the currency was floated, and sustained FIRS non-oil collections.
Reconciliation receipt: which month is a FAAC number?
FAAC figures are quoted inconsistently across the press, because a single allocation has three dates: the month the revenue was earned, the month the committee met, and the month the cash was disbursed. Two outlets can report different totals for “the same” FAAC and both be right. ONYX keys every allocation to the revenue month and records the total distributed across the three tiers, so the series is internally consistent and comparable over time. Where a communiqué and an NBS release disagree, we resolve against the primary communiqué and keep the alternate as a dated audit record. One consequence worth knowing: there was no allocation for revenue-month January 2026 — it was never officially published, so ONYX carries a gap there rather than an interpolated filler.
What the record conceals
A record FAAC month improves the inflow side of the ledger. It does nothing to the outflow side. Nigeria’s total public debt was ₦159.3tn at the latest DMO reading, and debt service is consuming roughly 40% of federal retained revenue. On the ONYX fiscal-stress composite the reading sits at 63.5/100 — elevated and stable. The revenue picture got better; the structural constraint did not move.
The number that matters is subnational
The national headline flattens the part that actually drives decisions. FAAC is shared by a formula, but the amounts — and the dependence on them — vary enormously across the federation:
At state level, the meaningful ratio is FAAC against internally generated revenue (IGR). A handful of states — Lagos foremost — raise enough of their own IGR that a strong FAAC month is a top-up, not a lifeline. For most states, FAAC is the majority of the budget, so a sustained high-FAAC environment changes fiscal headroom directly — and differently in each one. The FAAC-to-IGR ratio, not the allocation alone, is the honest measure of a state’s fiscal resilience.
At LGA level, the distribution is extreme. Across all 774 councils, the top decile receives allocations several times larger than the bottom decile, and for most councils there is virtually no IGR to cushion the gap. That ratio decides which local governments can fund basic service delivery and which cannot — the evidence layer most Nigeria analyses skip because it is expensive to assemble. ONYX tracks FAAC at federal, state, and all-774-LGA resolution, updated after each communiqué.
Every figure here shows its receipts
Each allocation above carries its source, its revenue month, and its capture method in the ONYX platform, with the full state-by-state and LGA-by-LGA series behind it. The Terminal is sold by the seat as well as by the desk — plans at app.onyxdata.io/upgrade. To commission a Nigeria State Opportunity Screen, which ranks all 36 states + FCT on fiscal headroom against a program or investment objective: hello@onyxdata.io.