The Federation Account Allocation Committee (FAAC) has shared a total of N2.04 trillion as revenue for March 2026, marking an increase of N150 billion compared to the N1.89 trillion distributed in February.
The details were disclosed in a statement issued by the Office of the Accountant-General of the Federation. According to the statement, the revenue was shared among the Federal Government, state governments, and local government councils during the April FAAC meeting in Abuja.
The distributable sum of N2.04 trillion consisted of N1.32 trillion from statutory revenue, N515.39 billion from Value Added Tax (VAT), and an additional N200 billion as augmentation.
A breakdown of the allocation shows that the Federal Government received N789.16 billion, representing about 38.8 percent of the total. State governments got N657.60 billion (32.3 percent), while local government councils received N468.83 billion (23 percent). Oil-producing states were allocated N120.76 billion as derivation revenue, accounting for 5.9 percent.
The total gross revenue available for the month stood at N2.364 trillion. From this amount, N81.08 billion was deducted as the cost of collection, while N246.87 billion went to transfers, refunds, and savings.
From the statutory revenue portion of N1.32 trillion, the Federal Government received N632.26 billion, states got N320.69 billion, and local governments received N247.24 billion, with N120.76 billion set aside as derivation.
VAT distribution also played a significant role, with the Federal Government receiving N51.54 billion, states getting N283.47 billion, and local governments taking N180.39 billion. This highlights the growing importance of consumption taxes in supporting subnational revenues.
From the N200 billion augmentation, the Federal Government received N105.36 billion, states got N53.44 billion, and local governments received N41.20 billion.
On revenue performance, gross statutory revenue rose to N1.699 trillion in March, an increase of N137.91 billion compared to February. This improvement largely drove the higher FAAC allocation.
Read Also;
FG Targets N700bn Bond Raise Amid High Borrowing Costs
However, VAT revenue saw a slight decline, dropping to N664.43 billion from N668.45 billion recorded in February.
The report also noted strong growth in non-oil tax sources such as Companies Income Tax, Capital Gains Tax, Stamp Duties, and Excise Duties. In contrast, revenues from Petroleum Profit Tax, hydrocarbon taxes, oil and gas royalties, import duties, and the Common External Tariff declined.
Overall, while non-oil revenues are showing signs of improvement, fluctuations in oil-related income continue to impact the stability and size of monthly allocations to the three tiers of government.
