The Federation Account Allocation Committee has shared a total of ₦2.036 trillion among the federal, state and local governments as revenue for March 2026, reflecting a significant increase in inflows compared to the previous month.
Details of the allocation were disclosed in a communiqué issued after the FAAC meeting held in Abuja, and made public by the Office of the Accountant General of the Federation. According to the statement signed by Director of Press and Public Relations, Bawa Mokwa, the total distributable revenue comprised ₦1.320 trillion from statutory sources, ₦515.391 billion from Value Added Tax (VAT), and an augmentation of ₦200 billion.
The communiqué noted that total gross revenue available for March stood at ₦2.364 trillion, from which ₦81.084 billion was deducted as cost of collection, while ₦246.872 billion was earmarked for transfers, refunds and savings. “A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that total gross revenue of ₦2.364 trillion was available in the month of March 2026,” the statement read.
From the distributable sum of ₦2.036 trillion, the Federal Government received ₦789.159 billion, while state governments shared ₦657.596 billion. Local government councils got ₦468.826 billion, with an additional ₦120.759 billion allocated to oil-producing states as 13 per cent derivation revenue.
A breakdown of the statutory revenue component showed that the Federal Government received ₦632.260 billion, states got ₦320.691 billion, and local governments received ₦247.239 billion, alongside the derivation allocation. From the VAT pool of ₦515.391 billion, the Federal Government received ₦51.539 billion, states received ₦283.465 billion, and local governments got ₦180.387 billion.
The augmentation of ₦200 billion was also distributed among the three tiers of government, with the Federal Government receiving ₦105.360 billion, states ₦53.440 billion, and local councils ₦41.200 billion.
The report further showed that gross statutory revenue increased to ₦1.699 trillion in March, up by ₦137.914 billion from the ₦1.561 trillion recorded in February. However, VAT collections dipped slightly to ₦664.425 billion, compared to ₦668.450 billion in the previous month.
Providing insight into revenue trends, the communiqué indicated that collections from Companies Income Tax, Capital Gains Tax, Stamp Duties, and excise duties recorded significant growth, while revenues from Petroleum Profit Tax, Hydrocarbon Tax, oil and gas royalties, import duties and the Common External Tariff declined. VAT receipts also recorded a marginal decrease.
