Economy
FAAC: FG, States, LGs share N1.659trn May 2025 revenue
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The Federation Account Allocation Committee (FAAC) has shared a total sum of N1.659 trillion, being May 2025 Federation Account Revenue to the Federal, States and Local Governments.
The revenue was shared at the June 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja.
The N1.659 trillion total distributable revenue comprised distributable statutory revenue of N863.895 billion, distributable Value Added Tax (VAT) revenue of N691.714 billion, Electronic Money Transfer Levy (EMTL) revenue of N27.667 billion and Exchange Difference revenue of N76.614 billion.
A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that total gross revenue of N2.942 trillion was available in the month of May 2025. Total deduction for cost of collection was N111.908 billion while total transfers, interventions and refunds was N1.171 trillion.
According to the communiqué, gross statutory revenue of N2.094 trillion was received for the month of May 2025. This was higher than the sum of N2.084 trillion received in the month of April 2025 by N10.023 billion.
Gross revenue of N742.820 billion was available from the Value Added Tax (VAT) in May 2025. This was higher than the N642.265 billion available in the month of April 2025 by N100.555 billion.
Bawa Mokwa, Director (Press and Public Relations) in the Office of the Accountant General of the Federation (OAGF) quoted the communiqué as saying that from the N1.659 trillion total distributable revenue, the Federal Government received total sum of N538.004 billion and the State Governments received total sum of N577.841 billion.
The Local Government Councils received N419.968 billion, while the sum of N124.076 billion (13% of mineral revenue) was shared to the benefiting State as derivation revenue.
On the N863.895 billion distributable statutory revenue, the communiqué stated that the Federal Government received N393.518 billion and the State Governments got N199.598 billion; the Local Government Councils pocketed N153.881 billion and the sum of N116.898 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
Also, from the N691.714 billion distributable Value Added Tax (VAT) revenue, the Federal Government got N103.757 billion, the State Governments received N345.857 billion and the Local Government Councils pocketed N242.100 billion.
A total sum of N4.150 billion was received by the Federal Government from the N27.667 billion Electronic Money Transfer Levy (EMTL); the State Governments got N13.833 billion, and the Local Government Councils received N9.683 billion.
Similarly, from the N76.614 billion Exchange Difference revenue, the communiqué stated that the Federal Government received N36.579 billion and the State Governments got N18.553 billion; the Local Government Councils received N14.304 billion, while the sum of N7.178 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
In May 2025, Companies Income Tax (CIT), Value Added Tax (VAT) and Import Duty increased significantly while CET Levies, Petroleum Profit Tax (PPT), Oil and Gas Royalty and Electronic Money Transfer Levy (EMTL) recorded decreases; Excise Duty increased only marginally.
The Black Market Dollar-to-Naira Exchange Rate for 14th May 2026 Can Be Accessed Below.
IMPORTANT NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand.
This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 14th May 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1398 and buy at ₦1388 on Thursday, 14th May, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1398
Buying Rate ₦1388
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1376
Lowest Rate ₦1367
The Customs Area Controller (CAC), Nigeria Customs Service Apapa Area Command, Comptroller Emmanuel Oshoba, has charged officers and men of the command to intensify revenue generation, strengthen anti-smuggling operations, and uphold professionalism and discipline in the discharge of their duties.
The Area Controller stressed the need for increased operational interventions across terminals to block revenue leakages while ensuring seamless trade facilitation and timely cargo clearance.
In a statement signed by the Public Relations Officer of the Apapa Area Command, Chief Superintendent of Customs, Isah Sulaiman, Oshoba gave the charge during the command’s monthly parade held on Tuesday at the command headquarters in Apapa, Lagos.
“Officers must protect the reputation of the Service. That is why any delay by any officer concerning any consignment will not be tolerated, even at the gates. If a consignment is duly exited, there should be no delay at the gates,” he said.
He also urged officers to remain accessible and professional in their dealings with stakeholders.
“You must make yourselves accessible to our stakeholders, and we must avoid actions capable of tarnishing the good image of the Service and the good work being done by the CGC and members of his management team. We should not be seen as clogs in the wheel of progress,” Oshoba added.
The CAC further called for heightened vigilance against smuggling activities, especially illicit drugs and prohibited items, while warning officers against misconduct and improper dressing.
The highlight of the parade was the recognition of outstanding officers and units for exemplary service.
Assistant Comptroller of Customs, Ismail Mohammed, emerged as the Most Outstanding Officer of the Month, while CSC Augustine Ondoma, ASCI Bukola Olaleye, and IC Olalekan Salawu were recognised for professionalism, innovation, and punctuality, respectively.
Similarly, officers of APM Terminal received the Excellence Award on Enforcement, while officers of ECO SUPPORT Terminal received the Excellence Award on Revenue Generation.
Oshoba said the award initiative was introduced to encourage hard work, excellence, professionalism, and healthy competition among officers and units of the command.
The Nigerian naira traded within a relatively stable range on Wednesday, May 13, 2026, as the Central Bank of Nigeria (CBN) continued interventions in the foreign exchange market.
Market analysts linked the recent stability to improved dollar inflows from exporters, foreign investors, and oil companies. In addition, the narrowing gap between the official and parallel market rates has boosted confidence in the forex market.
Meanwhile, traders said demand for foreign exchange remains high due to import payments, foreign tuition fees, medical expenses, and travel-related transactions.
Nigeria Exchange Rates – Wednesday, May 13, 2026
Currency Official Market Rate (₦) Parallel / Black Market Rate (₦) Mid-Market / Indicative Rate (₦)
US Dollar (USD) ₦1,355 – ₦1,365 ₦1,395 – ₦1,410 ₦1,360
Euro (EUR) ₦1,470 – ₦1,490 ₦1,590 – ₦1,630 ₦1,525
British Pound (GBP) ₦1,710 – ₦1,740 ₦1,850 – ₦1,900 ₦1,790
Chinese Yuan (CNY) ₦188 – ₦192 ₦195 – ₦202 ₦190
Japanese Yen (JPY) ₦9.7 – ₦10.1 ₦10.4 – ₦10.8 ₦10.0
Canadian Dollar (CAD) ₦995 – ₦1,020 ₦1,050 – ₦1,085 ₦1,015
Swiss Franc (CHF) ₦1,480 – ₦1,510 ₦1,560 – ₦1,610 ₦1,520
Saudi Riyal (SAR) ₦360 – ₦365 ₦372 – ₦380 ₦364
UAE Dirham (AED) ₦365 – ₦370 ₦378 – ₦385 ₦368
Market Insight
Financial analysts believe the recent appreciation of the naira reflects stronger forex liquidity and improving investor confidence in Nigeria’s official FX market.
However, experts warned that inflation, global oil prices, and external economic pressures could still affect the naira in the coming weeks.
Important Notice
Exchange rates may vary depending on location, transaction volume, and market conditions. Therefore, rates quoted by banks and Bureau de Change operators could differ slightly during the day.
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