The Federation Account Allocation Committee (FAAC), Wednesday shared a total sum of N2.036 trillion to the three tiers of government from a gross revenue of N2.364 trillion for the month of March 2026.
The disbursement was made in Abuja at the monthly meeting of FAAC chaired by Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
Citing a communique issued at the meeting, Head, Information and Public Relations, Federal Ministry of Finance, Efe Ovuakporie, said from the total distributable revenue of N2.036 trillion, the federal government received N789.159 billion, states received N657.596 billion, while the local government councils got N468.826 billion. The oil-producing states received N120.759 billion as 13 per cent derivation revenue.
The total distributable revenue comprised N1.320 trillion from statutory revenue, N515.391 billion from Value Added Tax (VAT), and an augmentation of N200 billion.
A breakdown of the statutory revenue allocation showed the federal government received N632.260 billion, states received N320.691 billion, while the local government councils received N247.239 billion.
The sum of N120.759 billion was allocated as derivation revenue.
From the VAT pool of N515.391 billion, the federal government received N51.539 billion, the states received N283.465 billion, and the local government councils received N180.387 billion.
The federal government received N105.360 billion, the states got N53.440 billion, and the local government councils received N41.200 billion from augmentation of N200 billion.
The communiqué indicated the 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.
It further showed that gross VAT revenue for the month was N664.425 billion, reflecting a decrease of N4.025 billion compared to the N668.450 billion recorded in the preceding month.
From the gross revenue, a total of N81.084 billion was deducted as cost of collection, while N246.872 billion was allocated for transfers, refunds, and savings.
In terms of revenue performance, Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties, and Excise Duties recorded significant increases, while Petroleum Profit Tax (PPT), Hydrocarbon Tax, Oil and Gas Royalties, Import Duty, and Common External Tariff (CET) declined. VAT receipts also recorded a marginal decrease.
Ndubuisi Francis
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