FG, States, LGs Share N2.036 Trillion as FAAC Disburses March Revenue

A total of N2.036 trillion from the Federation Account Revenue for March 2026 has been shared among the Federal Government, state governments, and local government councils.

The disbursement was approved at the April meeting of the Federation Account Allocation Committee (FAAC) held in Abuja.

According to a communiqué issued after the meeting, the distributable revenue comprised N1.320 trillion from statutory sources, N515.391 billion from Value Added Tax (VAT), and an augmentation of N200 billion.

The total gross revenue available for the month stood at N2.364 trillion. From this amount, N81.084 billion was deducted as cost of collection, while N246.872 billion was allocated for transfers, refunds, and savings.

Breakdown of the N2.036 trillion shows that the Federal Government received N789.159 billion, state governments got N657.596 billion, and local government councils received N468.826 billion. Oil-producing states also received N120.759 billion as 13 percent derivation revenue.

From the statutory revenue component of N1.320 trillion, the Federal Government received N632.260 billion, states got N320.691 billion, and local governments received N247.239 billion, alongside the derivation allocation.

For VAT, the Federal Government got N51.539 billion, states received N283.465 billion, while local governments were allocated N180.387 billion.

The N200 billion augmentation was shared with the Federal Government receiving N105.360 billion, states N53.440 billion, and local governments N41.200 billion.

FAAC also reported that revenues from Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties, and Excise Duty recorded increases during the period.

However, key revenue streams such as Petroleum Profit Tax (PPT), Hydrocarbon Tax, oil and gas royalties, import duties, and the Common External Tariff declined, while VAT recorded a marginal drop compared to February figures.

Overall, gross statutory revenue rose to N1.699 trillion in March from N1.561 trillion in February, indicating improved performance in some non-oil revenue sources despite continued volatility in oil-related earnings.