byAderonke Oni – TheCable
The federation account allocation committee (FAAC) says a total of N2.03 trillion was shared among the federal government, states, and local government councils (LGCs) in March.
The revenue was distributed at FAAC’s April meeting held in Abuja on Wednesday, according to NAN.
In a communique issued after the meeting and cited by NAN, the committee said the total distributable revenue comprised N1.32 trillion from statutory revenue, N515.39 billion from value-added tax (VAT), and N200 billion as augmentation.
The FAAC said a total gross revenue of N2.36 trillion was available in March, from which N81.084 billion was deducted as cost of collection, while N246.872 billion went to transfers, refunds, and savings.
The committee noted that gross statutory revenue stood at N1.69 trillion in March, representing an increase of N137.91 billion compared to the N1.56 trillion recorded in February.
“Gross revenue of N664.425 billion was available from VAT in March 2026. This was lower than the N668.450 billion available in the month of February 2026 by N4.025 billion,” the communique said.
TheCable observed that this is the second VAT revenue drop between February and March.
The FAAC said from the N2.03 trillion distributable revenue, the federal government received N789.15 billion, states got N657.59 billion, and local government councils received N468.82 billion.
Additionally, N120.75 billion, representing 13 percent of mineral revenue, was shared among oil-producing states as derivation.
“On the N1.320 trillion distributable statutory revenue, the Federal Government received N632.260 billion and the state governments received N320.691 billion,” the FAAC said.
“The LGs received N247.239 billion and the sum of N120.759 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue.”
The communique said out of the N515.39 billion distributable VAT revenue, the federal government received N51.53 billion, states got N283.46 billion, while N180.38 billion went to local governments.
Similarly, from the N200 billion augmentation, the committee said the federal government got N105.36 billion, states were given N53.44 billion, and local governments got N41.200 billion.
The FAAC noted that in March, collections from company income tax (CIT), capital gains tax (CGT), stamp duties (SDT), and excise duty recorded significant increases.
In contrast, revenues from petroleum profit tax (PPT), hydrocarbon tax (HT), oil and gas royalty, import duty, and CET declined, with VAT recording a marginal decrease.
