The Federation Account Allocation Committee has distributed a total of N2.036 trillion to the three tiers of government from a gross revenue of N2.364 trillion for March 2026, with the monthly figures showing a significant improvement over February’s performance driven by increases in companies income tax, capital gains tax, stamp duties, and excise duties.
The disbursement was made at the monthly FAAC meeting in Abuja, chaired by the new Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, in his first FAAC session since assuming the ministerial role.
From the total distributable revenue of N2.036 trillion, the federal government received N789.159 billion, the 36 states collectively received N657.596 billion, and local government councils received N468.826 billion. Oil-producing states received an additional N120.759 billion as 13 percent derivation revenue.
The total distributable revenue comprised N1.320 trillion from statutory revenue, N515.391 billion from Value Added Tax, and an augmentation of N200 billion. From the statutory revenue pool, the federal government received N632.260 billion, states received N320.691 billion, and local government councils received N247.239 billion.
From the VAT pool of N515.391 billion, the federal government received N51.539 billion, states received N283.465 billion, and local government councils received N180.387 billion. From the N200 billion augmentation, the federal government received N105.360 billion, states received N53.440 billion, and local government councils received N41.200 billion.
Gross statutory revenue for March 2026 stood at N1.699 trillion, representing an increase of N137.914 billion over the N1.561 trillion recorded in February 2026. Gross VAT revenue for March was N664.425 billion, reflecting a marginal decrease of N4.025 billion compared to February.
Companies Income Tax, Capital Gains Tax, Stamp Duties, and Excise Duties all recorded significant increases during the period. However, Petroleum Profit Tax, Hydrocarbon Tax, Oil and Gas Royalties, Import Duty, and Common External Tariff revenues declined. From the gross revenue, N81.084 billion was deducted as cost of collection, while N246.872 billion was allocated for transfers, refunds, and savings.
