Banks and their customers lost a combined N134.48bn to fraud between 2020 and 2025 amid a significant expansion in digital payments and financial technology adoption across the country, according to data contained in the Central Bank of Nigeria’s Nigeria Payments System Vision 2028 document.

The document, obtained by The PUNCH from the apex bank’s website, showed that attempted fraud across the banking and payments ecosystem amounted to N187.79bn during the six-year period, while actual losses stood at N134.48bn.

The losses were recorded across multiple payment channels, including over-the-counter transactions, Automated Teller Machines, cheques, e-commerce platforms, Internet banking, mobile banking, Point of Sale terminals, web channels and other electronic payment platforms, highlighting the growing challenge of safeguarding Nigeria’s increasingly digital financial system.

An analysis of the data showed that fraud losses increased steadily from N11.61bn in 2020 to N12.77bn in 2021 and N14.32bn in 2022. The figure rose further to N17.67bn in 2023 before surging dramatically to N52.26bn in 2024, the highest annual loss recorded within the six-year period.

The 2024 figure alone accounted for nearly 39 per cent of the total N134.48bn lost between 2020 and 2025, showing the scale of the fraud challenge faced by banks, payment service providers and customers.

Similarly, attempted fraud climbed from N13.26bn in 2020 to N14.48bn in 2021, N16.41bn in 2022 and N19.72bn in 2023 before jumping to N86.36bn in 2024. However, both attempted fraud and actual losses declined in 2025, falling to N37.57bn and N25.85bn, respectively. The report attributed the sharp rise in fraud losses in 2024 largely to a major internal fraud case involving N30bn.

According to the document, “Fraud amounts in Internet Banking, Mobile, and POS channels declined, yet overall losses rose by 196 per cent, primarily due to a major internal case involving N30bn. Web fraud incidents also increased by 169 per cent.”

The apex bank noted that the trend demonstrated how a single large-scale fraud incident could significantly distort industry-wide loss figures despite improvements in several digital payment channels.

Before the 2024 spike, the report showed that fraud patterns had evolved across different payment platforms.

In 2021, web-based fraud declined by 43 per cent, but losses still increased because of a 276 per cent rise in Point of Sale fraud incidents. In 2022, fraud losses rose by 12 per cent, driven largely by major fraud incidents affecting corporate accounts, while ATM fraud surged by more than 2,000 per cent despite declines in mobile, POS and web channels.

The report further revealed that fraud losses in 2023 increased by 23 per cent, largely due to an explosion in e-commerce-related fraud cases. “Fraud losses rose by 23 per cent, largely due to a spike in e-Commerce incidents, which escalated by 1,961 per cent. Mobile, POS, and Web channels recorded moderate increases,” the CBN stated.

Despite the persistent fraud threat, the regulator said the industry recorded a notable improvement in 2025 following stricter controls and enhanced collaboration among stakeholders.

The document stated, “In 2025, electronic payment fraud declined by 51 per cent, demonstrating the success of stricter regulations, increased industry cooperation, enhanced prevention strategies, and improved monitoring.”

It added that the Central Bank of Nigeria, working alongside industry stakeholders, had strengthened oversight and introduced collaborative safeguards aimed at reducing vulnerabilities across payment platforms.

The findings come as Nigeria experiences an unprecedented shift towards electronic payments, with instant transfers, mobile banking, fintech applications and digital wallets becoming central to daily commercial activities.

In the foreword to the Payments System Vision 2028 document, CBN Governor Olayemi Cardoso said Nigeria’s payments ecosystem had evolved into one of the most dynamic and innovative in the world over the past decade, driven by real-time payments, digital adoption and fintech-led transformation.

Cardoso said the country had recorded significant growth in electronic payments and digital financial services under the previous Payments System Vision 2025 framework but stressed that the next phase would require stronger resilience and coordination as the system continued to expand.

The CBN acknowledged that while digitalisation has improved financial inclusion and lowered transaction costs, it has also created new risks that require stronger cybersecurity measures, consumer protection mechanisms and fraud-monitoring systems.

Under the new Payments System Vision 2028, the regulator plans to prioritise security, trust, innovation, interoperability, inclusion and collaboration as guiding principles for the next stage of payments system development. The framework also seeks to strengthen regulatory oversight, improve cyber resilience and deploy emerging technologies to combat increasingly sophisticated fraud threats.

As the easing of tensions between the United States and Iran continues, the Petroleum Products Retail Outlets Owners Association of Nigeria has called on refiners, depot owners and petroleum products importers to reduce their ex-depot and retail pump prices in line with the recent decline in international crude oil prices.

The National President of PETROAN, Billy Gillis-Harry, said the drop in global crude oil prices provided an opportunity for operators in the downstream petroleum sector to pass on the benefits of lower crude costs to consumers.

In a statement signed by the National Public Relations Officer of PETROAN, Dr Joseph Obele, on Friday, Gillis-Harry said market realities should be reflected in both ex-depot and retail pump prices.

“The recent decline in global crude oil prices presents an opportunity for stakeholders in the downstream petroleum sector to pass the benefits of lower crude oil costs to Nigerian consumers. Market realities should be reflected in both ex-depot and retail pump prices in the interest of fairness and economic relief for the public,” Gillis-Harry said.

According to the association, recent developments in the global oil market indicate that crude oil prices are on a downward trend, with Brent crude falling to about $77–$78 per barrel following the ceasefire agreement between the United States and Iran and expectations that oil exports through the Strait of Hormuz will gradually normalise.

PETROAN noted that market analysts believe crude oil prices are currently under downward pressure, although geopolitical risks remain. The association said current projections suggest that Brent crude may trade within the range of $75–$82 per barrel next week, while West Texas Intermediate crude is expected to trade between $72 and $79 per barrel.

It identified the continued implementation of the US-Iran peace agreement, increased crude oil exports from the Middle East and concerns over weaker global oil demand as factors contributing to the decline in crude prices.

Gillis-Harry expressed concern over pricing trends in the domestic market, saying, “In some instances, the landing cost of imported petroleum products appears to be lower than the prices offered by domestic refiners. This development is surprising and underscores the need for a more competitive downstream petroleum market that guarantees consumers access to the most affordable products available.”

The PETROAN president called on the Nigerian Midstream and Downstream Petroleum Regulatory Authority to continue issuing import licences to qualified marketers, saying increased competition would help moderate prices and ensure adequate supply.

“Increased competition among suppliers would help moderate prices, discourage monopolistic tendencies, and ensure a steady supply of petroleum products across the country,” the statement read.

Gillis-Harry maintained that competition remained one of the most effective ways of driving efficiency and reducing costs. “Competition remains one of the most effective mechanisms for driving efficiency, reducing costs, and protecting consumers,” he stated.

He added that a competitive market environment would encourage operators to reduce prices in line with prevailing market conditions. PETROAN also called on the Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, to facilitate discussions with two Chinese firms interested in operating the Port Harcourt and Warri refineries.

Gillis-Harry said, “If these refineries are successfully revived and operated as private-sector-driven facilities, petroleum product prices are expected to decline further due to improved efficiency and increased domestic refining capacity.

“The resumption of operations at the Port Harcourt and Warri refineries under competent private management would enhance supply stability, promote healthy competition, and ultimately lead to more affordable petroleum products for Nigerians.”

The association stated that sustained moderation in crude oil prices, combined with stable exchange rates and refining costs, should support lower petrol prices and provide relief for consumers and businesses.

Gillis-Harry reiterated PETROAN’s commitment to a competitive downstream petroleum sector, saying the association would continue advocating “for a transparent, competitive, and consumer-friendly downstream petroleum sector that delivers fair pricing, energy security, and sustainable economic growth for all Nigerians”

The Nigeria FMCG Industry Report 2026, published by Omni, has revealed that only 18 per cent of retailers in the country have accessed formal loans, underscoring the scale of financial exclusion in the fast-moving consumer goods sector.

The report, which was unveiled in Lagos on Friday by the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, showed that 74 per cent of retailers rate access to credit as very important to sustaining daily operations, yet more than half indicated active shortfalls that directly affect their ability to restock on time.

“Approximately 74 per cent of retailers identify access to credit as critical to sustaining daily operations, yet only 18 per cent have accessed formal loans,” it stated.

The report stated that Nigeria remains one of Africa’s largest consumer markets, with an estimated FMCG market value of $25bn and a population of around 238 million people.

The study also noted that FMCG credit sales reached N325bn in the first half of 2025, a 55.4 per cent year-on-year increase, signalling that credit is becoming a strategic tool rather than a distress measure.

It added that despite recent macroeconomic pressures, the sector continued to demonstrate resilience, supported by rapid urbanisation, a youthful population and expanding digital adoption.

The report also revealed that 78 per cent of the retailers surveyed use POS systems. “More than three-quarters of retailers now use digital payment channels, creating new opportunities for embedded finance and data-driven lending,” it stated.

Meanwhile, the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, who was the special guest of honour at the report launch, disclosed, “Nigeria’s more than 40 million MSMEs account for the overwhelming majority of businesses in our economy today and power approximately 80 per cent of retail transactions across the country, largely through informal channels.

“Across markets, neighbourhood stores, distribution channels and retail networks, these enterprises ensure that goods reach households in every part of our country.”

According to Oduwole, the Bank of Industry recorded about N636bn in total disbursements last year, including N56bn in MSME loans and N5.2bn in grants.

She emphasised the importance of data, visibility and collaboration in strengthening Nigeria’s trade ecosystem and supporting the country’s broader industrial and economic development agenda.

“The FMCG industry is more than a commercial category; it is a critical driver of jobs, manufacturing growth, trade and consumer welfare. Strengthening visibility across the value chain and fostering collaboration among stakeholders will be essential to unlocking the sector’s full potential,” she said.

According to the minister, more than 500,000 MSMEs have now been captured in the national MSME database, strengthening formalisation and improving the government’s ability to design better-targeted support.

“For the FMCG sector, these numbers matter. Growth in FMCG depends on strong local production, reliable infrastructure, access to finance, efficient logistics, predictable regulations, consumer purchasing power and market access.

“It also depends on ensuring that businesses spend less time navigating avoidable bottlenecks and more time producing, distributing, hiring, exporting and creating value. This is why the ministry continues to deepen engagement with major investors through our Platinum Business Champions Programme and several other interactions,” she added.

Speaking on the significance of the report, the Founder and Chief Executive Officer of OmniRetail, Deepankar Rustagi, noted, “As we celebrate seven years of building technology infrastructure for commerce, we are proud to contribute something bigger than ourselves to the industry.

“The FMCG Industry Report 2026 provides a data-driven perspective on the realities, opportunities and future of one of Africa’s most important sectors. We hope it becomes a valuable resource for business leaders, investors and policymakers to shape the future of commerce.”

According to Rustagi, data is giving visibility to the FMCG sector, while digital payments are creating transparency. “Embedded finance is expanding access to capital, for this is an invisible economy. Together, these innovations are transforming how commerce operates across Nigeria. This transformation is one of the reasons we created this report.

“Over the past year, businesses across the FMCG value chain have navigated inflation, currency volatility, rising operating costs and changing consumer behaviour. Yet, despite these challenges, the industry has continued to demonstrate resilience. Retailers have adapted, distributors have innovated and manufacturers have continued to invest more in the economy. The ecosystem has moved forward,” he added.

On his part, the Chief Operating Officer of OmniRetail, Wale Adisa, said the report would enable manufacturers to track the performance of their products across the country.

“We’ve got over 150,000 retailers who use our platform. We’ve got thousands of distributors for multiple brands who use our platform. We’ve got hundreds of manufacturers who use our platform. And that gives us visibility into the ebbs and flows of trade information in the country. We’ve been able to see where the breakages are and how data can help close those gaps,” he said.

The firm also used the event to celebrate its seventh anniversary in the country.

Nigerian fuel marketers are increasingly importing refined petroleum products originating from the Dangote Petroleum Refinery through the offshore ship-to-ship trading hub in Lome, Togo, according to an S&P Global Energy official, Matthew Tracey-Cook.

Tracey-Cook said the circular trade pattern persists even as the refinery boosts local production and supply, highlighting a possible disparity between local and international pricing.

Speaking on Thursday at a MEMAN webinar themed “West Africa pricing and flows in the context of the war,” Tracey-Cook provided insights into evolving West African refined products markets, emphasising the deepening interconnection between Dangote’s coastal operations and the Lome STS hub.

He said Dangote volumes on a coastal basis do arrive back in Lagos from Lomé. Tracey-Cook presented data showing a marked shift in supply sources for Nigeria.

While waterborne imports exclude truck volumes, Dangote-origin products have become dominant in waterborne deliveries to Lagos and other Nigerian locations.

“Over the last six months, if you look at the volume of products on a waterborne basis that’s imported directly into Nigeria, Dangote production has become increasingly dominant,” he said.

He noted particularly strong performance between March and May 2026, saying, “For several months, from March until May, we saw well over 70 to 80 per cent of the volumes that were imported into Nigeria actually originated from Dangote; from their coastal Dangote volumes which were re-imported.”

He added that similar patterns appear on the diesel side, noting that “the increasing importance of the Dangote refinery in terms of product that’s flowing into Nigeria is really evident” from S&P Global data.

He stressed that despite Dangote’s growing direct coastal supply, offshore Lome has not diminished in importance, as the Lomé market is still slightly bigger compared to 2024 levels.

In certain months, such as November and December 2025, Lome handled significantly larger volumes. The hub serves as a flexible STS facility where larger medium-range tankers discharge cargoes that are then lifted onto smaller coaster vessels better suited to many West African ports with limited capacity.

“Lomé has become an increasingly important transshipment hub for filling regional shortages across the region… It serves an important purpose, given that many ports in West Africa don’t have the capacity to take a fully laden MR-sized vessel,” he added.

Charts from the webinar illustrate substantial Dangote exports to offshore Lome. These volumes include petrol, diesel, jet fuel and other clean products. Offshore Lome receives diverse origins but consistently incorporates significant Dangote cargoes.

Tracey-Cook also addressed pricing trends, noting an unusual seasonal pattern since the Middle East crisis began, adding, “This is really an unusual seasonal trend where gasoline in West Africa is significantly more expensive than it is in Europe right now.”

He added that Dangote petrol pricing remains tightly aligned with STS Lome benchmarks, while price differentials between the two locations enable effective risk management.

Tracey-Cook positioned Dangote and Lome as twin pillars of West African supply. “These two locations, the FOB Dangote market and also the STS Lomé market, are the two largest and most important regional hubs of supply in the region as a whole.

“You can, in a way, kind of compare it to the Mediterranean market, where you have multiple refineries, multiple sources of supply… And so that’s kind of what we see as a possibility in terms of development of this market,” he stressed.

It was disclosed that the US-Iran war’s impact has amplified Dangote’s role. “Looking at the context of the war, one of the most important things that stands out is the importance of Dangote in supplying not just West Africa, in terms of being a supplier of last resort across clean products, but also the European market.

“Europe before the war was more than 50 per cent reliant on jet fuel from inside the Persian Gulf. And when that supply was cut off, benchmark prices spiked to well over $1,800 per metric tonne.

“What we saw in the months after the war broke out was an increasing flow of product from the US, but also a large flow of product from Dangote. We actually saw in May Dangote being the largest single exporter of jet fuel globally in terms of refined product capacity,” Tracey-Cook noted.

He showed record Dangote exports outside West Africa from April to June 2026, with notable deliveries to the UK, the Netherlands and South Africa, among others.

The PUNCH recalls that some fuel importers in the country alleged in November 2025 that the Dangote refinery sells a litre of petrol to international traders at N65 cheaper than the amount it offers to marketers in Nigeria.

The Depot and Petroleum Product Marketers Association of Nigeria and the Petroleum Products Retail Outlet Owners Association of Nigeria confirmed this in separate interviews with our correspondent at the time.

“Dangote is selling to international traders at N65 lower than what he offers in Nigeria. How is it possible for some of our members to buy from someone who bought from Dangote?

“Dangote sells to international traders at N65 cheaper than what he is selling to us. In some instances, we were able to buy from those people and still bring it to Nigeria. They will take the product to Lomé, claiming that they are buying large quantities,” DAPPMAN said in 2025.

But the refinery dispelled the allegation of cheaper petrol sales in Togo compared to Nigeria, with many Nigerians questioning how local marketers could leave the producer of a product in his home country to buy it from another trader in Togo.

The Chairman of United Nigeria Airlines and spokesperson for the Airline Operators of Nigeria, Prof Obiora Okonkwo, has disclosed that the airline lost about N10bn within three months as a result of disruptions caused by the closure of the Strait of Hormuz amid tensions involving the United States and Iran.

Okonkwo said the geopolitical crisis triggered a rise in aviation fuel prices, worsening operating conditions for domestic carriers already battling high operating costs and infrastructure challenges.

The Strait of Hormuz, a narrow waterway between Iran and Oman, is regarded as the world’s most critical oil transit route, handling nearly 20 per cent of global petroleum shipments. Its disruption sent shockwaves through global energy markets and significantly impacted Nigeria’s aviation industry.

He spoke during the unveiling of two newly acquired Boeing 737-800 Next Generation aircraft, registered as 5N-CFC and 5N-CFB, by United Nigeria Airlines. The aircraft were named after the Obi of Onitsha, Igwe Nnaemeka Achebe, and the late literary icon Chinua Achebe.

Reflecting on the airline’s recent challenges, Okonkwo acknowledged that reforms introduced by the Minister of Aviation and Aerospace Development, Festus Keyamo, had helped stabilise the sector, but external economic pressures remained severe.

“There are seasons when there are low passengers, but in the last three months, what we have seen is simply too much. We have lost about N10bn, N5bn, N6bn in a space of three months as a result of the closure of the Strait of Hormuz. We have to make up for the losses we have incurred in the last three months,” he said.

Despite the setbacks, the airline chief described the acquisition of the new aircraft as a major milestone and a sign of resilience in the Nigerian aviation sector.

“We have gathered here to celebrate. Two, three, four years ago, it was not clear what the future of aviation would be. There were issues, and in Nigeria, aviation was in total turmoil. But until our minister, Festus Keyamo, stepped in, we had a meeting in his office where he promised he would address the policy issues. Today, the right policies have helped us come this far,” he added.

Speaking on the choice of names for the aircraft, Okonkwo paid tribute to both Chinua Achebe and the Obi of Onitsha.

“Today we have one Achebe that introduced Africa to the whole world. He is from my hometown. Wherever I go around the world, I tell them that Okonkwo in Things Fall Apart is my great-great-grandfather. We have another Achebe who is a living legend and icon. We have here the Obi of Onitsha, Nnaemeka Achebe,” he said.

Providing insight into the airline’s expansion plans, he revealed that the newly acquired aircraft are part of a broader fleet acquisition programme, promising that more aircraft will arrive in the country before the year runs out.

“It is going to be six aircraft in total, and we just have two here. I thank God Almighty for making this possible,” he said.

Okonkwo also commended the Nigerian Civil Aviation Authority for expediting the certification process for the aircraft, describing the regulator’s support as crucial to the airline’s growth.

“We are thankful to the DG of the NCAA who has made our services possible. I had told him I had three aircraft that were arriving. Three of his directors came to our office on a Saturday, prepared all the documents, inspected the aircraft, and issued all the certificates. The process of operating aircraft won’t be easy without ease in certifications,” he said.

The airline chairman further highlighted the operational difficulties airlines face daily, stressing that delays are often caused by factors beyond the control of carriers.

“I know we have passengers in Nigeria that want to get to their destinations. The important thing is to get passengers to their destinations safely and in time. The truth of the matter is that the operator wants to take you there on time.

“That you buy a ticket doesn’t put money in our pockets, because you can demand a refund. Sometimes we meet situations beyond our control. When one aircraft goes bad, we start to work on the schedule so we don’t leave anyone behind. Sometimes it is a bird strike, sometimes it could be because of airport availability,” he explained.

Okonkwo also criticised the financial structure governing aviation agencies, arguing that excessive deductions from the revenues of the NCAA and the Federal Airports Authority of Nigeria were limiting their ability to improve infrastructure and service delivery.

“Minister, we are not happy with the recent report from IATA that Nigeria is the most expensive place to operate. It means it costs operators more to operate. We want a reduction in the charges,” he said.

“The government yanks 70 per cent from the aviation accounts to do other things that are not aviation-related, and this strains the NCAA and FAAN. If we leave these monies in their accounts, they will be encouraged to provide the needed services. The core aspect of the Nigerian economy is driven by aviation. In conclusion, when this is done, the government can also provide a single-digit loan,” he added.

Speaking on behalf of Boeing Commercial Airplanes, Executive Sales Director for Africa, Moore Ibekwe, said recent reforms in Nigeria’s aviation sector have improved access to financing, strengthened regulatory compliance and enhanced safety standards, creating a more attractive environment for aircraft acquisition and industry growth.

Petrol and diesel prices have started to decline as global crude oil prices retreat following the de-escalation of tensions in the Middle East. The reductions, led by the Dangote Petroleum Refinery and followed by some private depot operators, have raised expectations of further cuts in fuel prices, although marketers say the adjustments will be gradual to prevent heavy losses on existing stock.

The Independent Petroleum Marketers Association of Nigeria stated that the Dangote Petroleum Refinery will not embark on sudden fuel price cuts to prevent marketers from incurring heavy losses.

Even as oil prices continue to decline following the de-escalation of tensions in the Middle East, IPMAN said the refinery would rather adopt what it described as systematic price adjustments instead of drastic reductions.

Following the drop in crude oil prices from a high of $120 per barrel during the United States-Iran conflict to about $78 after a peace deal was reached on Sunday, the Dangote refinery reduced its petrol gantry price by N75 per litre. The refinery had raised the price from N830 to over N1,300 per litre during the crisis.

The refinery also reduced the prices of diesel and aviation fuel by N100 per litre each, citing the easing of tensions in the Middle East. However, many Nigerians argued that the reductions did not reflect the sharp decline in crude oil prices.

Speaking in an interview, IPMAN spokesman, Chinedu Ukadike, said the refinery understands the implications of a sudden price crash on fuel marketers.

“The reduction will be systematic. If Dangote does that reduction holistically, it will certainly affect some people who have products, and they might not be able to sell the products. This will cost marketers huge losses.

“Systematically, normalcy will return in a gradual way, and Dangote’s fuel price will reflect the new cost of crude oil in the international market. The refinery will look at its cost of refining and determine a fair price for all,” Ukadike said, urging Nigerians to exercise patience.

On the planned reopening of the Strait of Hormuz, Ukadike said the fuel market was already entering what he described as a descending phase, with marketers becoming more cautious about taking fresh stock.

“With the plan to reopen the Strait of Hormuz, the sector is now on a descending frequency. Prices will be coming down in the next couple of weeks. So, marketers will also be careful while taking new stocks,” he said.

A source within the Dangote Group told our correspondent that the refinery was still observing market developments while processing crude purchased during the crisis period. The source said those criticising the refinery for not cutting prices more aggressively may not fully understand the dynamics of the oil business.

“Crude prices are still swinging. People making such comments are either insincere or they don’t know the business. Let them go and check the prices all over Africa or the world,” the source said, adding that prices could still drop to as low as N900 per litre, “but we still have the expensive crude in our tanks”.

As crude prices continued to fall following the peace agreement between the United States and Iran, the Dangote Petroleum Refinery cut its petrol gantry price by N75 per litre, from N1,250 to N1,175.

The reduction prompted some private depot operators to lower their prices to around N1,180 per litre on Tuesday, according to Petroleumprice.ng.

Checks by our correspondent on Wednesday showed that many filling stations had yet to adjust their pump prices, with several still selling petrol at about N1,280 per litre. Marketers attributed the delay to the need to clear existing stock purchased at higher prices.

However, some filling stations reduced pump prices by about N10 per litre following Dangote’s latest adjustment. Marketers said further reductions from suppliers and retailers could emerge between the weekend and next week.

Meanwhile, the Dangote refinery also lowered its gantry prices for diesel and aviation fuel on Wednesday. According to data from Petroleumprice.ng, the refinery reduced the diesel gantry price by N100 per litre, from N1,700 to N1,600, while aviation fuel was cut by the same margin, from N1,550 to N1,450 per litre.

The reductions came hours after the refinery announced the N75 reduction in the petrol gantry price from N1,250 to N1,175 per litre. The price adjustments were linked to the decline in crude oil prices following the easing of tensions in the Middle East.

It was gathered that private depot operators had also begun lowering prices to remain competitive with the Dangote refinery. According to Petroleumprice.ng, Rainoil reduced its aviation fuel price from N1,553 per litre to N1,550 per litre on Monday. Similarly, the average diesel closing price across Lagos depots, including African Terminal, Sahara, Ibeto and Duport, stood at N1,660 per litre on Tuesday.

The Federation Account Allocation Committee shared N2.3tn among the Federal Government, states and local government councils from May 2026 revenue, representing an increase of N43bn from the N2.26tn distributed in the previous month.

The latest allocation marks a 1.9 per cent month-on-month increase and continues the upward trend in federation revenues. The N2.257tn shared from April 2026 revenue had itself exceeded the N2.04tn distributed for March revenue by N217bn, while the March allocation was N150bn higher than the N1.89tn shared in February.

The figures were contained in a statement on Wednesday by the Director of Press and Public Relations in the Office of the Accountant-General of the Federation, Bawa Mokwa, following the June 2026 Federation Account Allocation Committee meeting held in Abuja.

According to the statement, “A total sum of N2.300tn, being May 2026 Federation Account Revenue, has been shared to the Federal Government, states and the local government councils.”

The statement said the N2.3tn distributable revenue comprised N1.611tn in statutory revenue and N688.785bn in Value Added Tax revenue.

A communiqué issued after the meeting showed that total gross revenue available in May stood at N3.395tn. From this amount, N123.546bn was deducted as the cost of collection, while N971.610bn was set aside for transfers and refunds.

The committee reported continued growth in statutory revenue collections during the month. According to the communiqué, gross statutory revenue rose to N2.651tn in May from N2.378tn in April, representing an increase of N273.623bn.

However, VAT collections declined during the period. Gross VAT revenue fell to N743.668bn in May from N806.617bn recorded in April, a decrease of N62.949bn. Despite the drop in VAT receipts, stronger inflows from oil-related taxes and other revenue sources helped lift the total distributable revenue.

The communiqué stated, “In May 2026, Companies Income Tax, CGT, SDT, Petroleum Profit Tax, Hydrocarbon Tax, Oil and Gas Royalty increased significantly, while Import Duty, Value Added Tax, Excise Duty and CET Levies decreased considerably.”

A breakdown of the N2.300tn distributable revenue showed that the Federal Government received N818.680bn, while state governments received N759.141bn.

The 774 local government councils received N534.277bn, while oil-producing states shared N188.132bn as 13 per cent derivation revenue.

From the N1.611tn statutory revenue, the Federal Government received N749.801bn, states received N380.309bn, while local governments got N293.202bn. The oil-producing states also received N188.132bn as derivation revenue from the statutory component.

The distributable VAT revenue of N688.785bn was shared with the Federal Government receiving N68.879bn, state governments receiving N378.832bn, and local government councils receiving N241.075bn.

The latest allocation shows the resilience of federation revenues amid mixed performance across major revenue streams.

While VAT receipts, import duties and excise duties weakened during the month, higher collections from Companies Income Tax, Petroleum Profit Tax, Hydrocarbon Tax and oil and gas royalties helped offset the decline and pushed statutory revenue to a new high.