By Seun Ibiyemi
The Federation Account Allocation Committee (FAAC) has distributed a total of ₦2.036 trillion among the Federal Government, state governments, and Local Government Councils (LGCs) for March 2026.
The revenue sharing was finalised at the committee’s April meeting held in Abuja, according to a communiqué issued at the end of the session.
The total distributable revenue comprised ₦1.320 trillion from statutory revenue, ₦515.391 billion from Value Added Tax (VAT), and ₦200 billion as augmentation.
FAAC disclosed that a gross revenue of ₦2.364 trillion was available for the month under review. From this, ₦81.084 billion was deducted as cost of collection, while ₦246.872 billion was allocated for transfers, refunds, and savings.
A breakdown of the distribution showed that the Federal Government received ₦789.159 billion, state governments got ₦657.596 billion, and Local Government Councils received ₦468.826 billion.
Additionally, ₦120.759 billion, representing 13 per cent of mineral revenue, was shared to oil-producing states as derivation revenue.
From the ₦1.320 trillion statutory revenue, the Federal Government received ₦632.260 billion, states got ₦320.691 billion, and local governments received ₦247.239 billion, while ₦120.759 billion was allocated as derivation.
Similarly, from the ₦515.391 billion VAT revenue, the Federal Government received ₦51.539 billion, states got ₦283.465 billion, and local governments received ₦180.387 billion.
The ₦200 billion augmentation was also shared, with the Federal Government receiving ₦105.360 billion, states ₦53.440 billion, and local governments ₦41.200 billion.
The communiqué further indicated that gross statutory revenue for March stood at ₦1.699 trillion, representing an increase of ₦137.914 billion compared to ₦1.561 trillion recorded in February.
However, VAT revenue declined slightly to ₦664.425 billion in March from ₦668.450 billion in February.
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FAAC noted that revenues from Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SDT), and Excise Duty recorded significant increases during the period.
In contrast, revenues from Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), oil and gas royalties, import duties, and the Common External Tariff (CET) declined, while VAT recorded a marginal decrease.
