FG, states, LGs share N2.036 trillion March revenue

 

The Federal Government, state governments and local government councils shared a total of N2.036 trillion from the Federation Account for March 2026, following the monthly Federation Account Allocation Committee (FAAC) meeting held in Abuja.

Details of the disbursement were contained in a statement issued by the Office of the Accountant General of the Federation and signed by its Director of Press and Public Relations, Bawa Mokwa. The statement noted that the total distributable revenue comprised N1.320 trillion in statutory revenue, N515.391 billion from Value Added Tax (VAT), and N200 billion as augmentation.

FAAC reported that total revenue inflow for March stood at N2.364 trillion before deductions. From this, N81.084 billion was deducted as the cost of collection, while N246.872 billion was allocated to transfers, refunds and savings.

The committee highlighted an increase in statutory revenue, which rose to N1.699 trillion in March from N1.561 trillion recorded in February—an improvement of over N137 billion. In contrast, VAT collections dipped slightly to N664.425 billion, down from N668.450 billion in the previous month.

Out of the N2.036 trillion shared, the Federal Government received N789.159 billion, states got N657.596 billion, and local government councils were allocated N468.826 billion. Oil-producing states also received N120.759 billion as derivation revenue, representing 13 per cent of mineral earnings.

A breakdown of the statutory revenue component showed that the Federal Government received N632.260 billion, states got N320.691 billion, and local governments received N247.239 billion, while N120.759 billion was allocated as derivation revenue.

From the VAT pool of N515.391 billion, the Federal Government received N51.539 billion, states were allocated N283.465 billion, and local government councils got N180.387 billion.

The N200 billion augmentation was also distributed among the three tiers of government, with the Federal Government receiving N105.360 billion, states N53.440 billion, and local governments N41.200 billion.

FAAC further reported mixed performance across revenue streams during the period. While collections from Companies Income Tax, Capital Gains Tax, Stamp Duties and Excise Duties recorded increases, revenues from Petroleum Profit Tax, Hydrocarbon Tax, oil and gas royalties, import duties and the Common External Tariff declined. VAT collections also saw a marginal decrease.