ABUJA — The Federation Account Allocation Committee (FAAC) has shared a total of N2.036 trillion among the Federal Government, state governments and Local Government Councils (LGCs) as revenue allocation for March 2026, amid a mixed performance across key revenue streams.
Details contained in a communiqué issued at the end of FAAC’s April meeting in Abuja showed that the distributable revenue comprised N1.320 trillion from statutory sources, N515.391 billion from Value Added Tax (VAT), and N200 billion recorded as augmentation.
The committee disclosed that total gross revenue available in March stood at N2.364 trillion. From this, N81.084 billion was deducted as cost of collection, while a total of N246.872 billion was allocated to transfers, refunds and savings.
According to the communiqué, gross statutory revenue rose significantly to N1.699 trillion in March, representing an increase of N137.914 billion when compared with the N1.561 trillion recorded in February 2026.
However, VAT collections recorded a slight decline, with N664.425 billion generated in March, down by N4.025 billion from the N668.450 billion recorded in the previous month.
From the total distributable revenue of N2.036 trillion, the Federal Government received N789.159 billion, state governments got N657.596 billion, while local government councils received N468.826 billion.
In addition, oil-producing states received N120.759 billion as 13 percent derivation revenue.
A further breakdown showed that from the N1.320 trillion statutory revenue, the Federal Government received N632.260 billion, states got N320.691 billion, while local governments received N247.239 billion.
The sum of N120.759 billion was also distributed to eligible states as derivation revenue from mineral resources.
From the N515.391 billion VAT revenue, the Federal Government received N51.539 billion, states got N283.465 billion, while local governments received N180.387 billion.
Similarly, from the N200 billion augmentation, the Federal Government received N105.360 billion, state governments got N53.440 billion, and local governments received N41.200 billion.
The communiqué further indicated that revenue performance across tax categories was uneven during the period.
Company Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SDT), and Excise Duty recorded notable increases, reflecting improved activity in those segments.
In contrast, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), oil and gas royalties, Import Duty and Common External Tariff (CET) recorded significant declines, underscoring continued volatility in oil and trade-related revenues.
VAT also recorded a marginal decrease.
