The Federation Account Allocation Committee (FAAC) reported on Wednesday that a total sum of N2.036 trillion, being part of March 2026 federation account revenues, was distributed to the federal states and local governments in the month.
A statement issued by the Director (Press and Public Relations) at the Office of the Accountant-General of the Federation (OAGF), Mr. Bawa Mokwa, indicated that revenue was shared at the committee’s April 2026 meeting held in Abuja.
He disclosed that the N2.036 trillion total distributable revenue comprised statutory revenue of N1.320 trillion, Value Added Tax (VAT) revenue of N515.391 billion and Augmentation of N200 billion.
Bawa stated that the communiqué issued by the FAAC at the end of its meeting reflected that total gross revenue of N2.364 trillion was available in the month under review and that total deduction for cost of collection stood at N81.084 billion; total transfers, refunds and savings was N246.872 billion and Augmentation totalled N200 billion.
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According to the communiqué, gross statutory revenue of N1.699 trillion was collected for the month, representing N137.914 billion higher than the N1.561 trillion raked in by revenue agencies in the preceding month.
Similarly, the communique showed that gross revenue of N664.425 billion was collected as Value Added Tax (VAT) in the month, which was lower by N4.025 billion than the N668.450 billion generated from the revenue source in February 2026
The FAAC further reported that from the N2.036 trillion total distributable revenue, the Federal Government received N789.159 billion, the state governments got N657.596 billion, the local government councils shared N468.826 billion, while N120.759 billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.
Out of the N1.320 trillion distributable statutory revenue, the committee disclosed that the Federal Government received N632.260 billion compared to the state governments’ N320.691 billion, while the local governments got N247.239 billion and N120.759 billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.
This is even as the FAAC confirmed that from the N515.391 billion distributable Federation Account Allocation Committee (FAAC)revenue, the Federal Government got N51.539 billion, the state governments shared N283.465 billion and the local governments received N180.387 billion.
Also, it reported that from the N200.000 Augmentation collections, the Federal Government received N105.360 billion, the state governments got N53.440 billion and the local governments shared N41.200 billion in the month under review.
A further analysis of the revenue collections based on sources, revealed that in March this year, Companies income Tax (CIT), CGT, SDT and Excise Duty collections increased while Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Oil and Gas Royalty, Import Duty and CET significantly dropped just as VAT marginally decreased.
