FAAC: FG, States, LGs Share N2.04trn as March Revenue

The federal government, states and local government councils shared a total of N2.036 trillion as Federation Account revenue for March 2026.

The figure was disclosed on Wednesday in a statement issued by the spokesperson for the Office of the Accountant General of the Federation, Bala Mokwa.

According to the statement, the total distributable revenue comprised N1.320 trillion in statutory revenue, N515.391 billion from value-added tax (VAT), and N200 billion as augmentation.

A communiqué from the Federation Account Allocation Committee (FAAC) indicated that gross statutory revenue rose to N1.699 trillion in March, up by N137.914 billion from the N1.561 trillion recorded in February.

In contrast, VAT revenue dipped slightly, with N664.425 billion generated in March compared to N668.450 billion in the previous month—a decrease of N4.025 billion.

From the total distributable revenue of N2.036 trillion, the federal government received N789.159 billion, state governments got N657.596 billion, and local government councils were allocated N468.826 billion. Additionally, oil-producing states received N120.759 billion as 13 percent derivation revenue.

A breakdown of the N1.320 trillion statutory revenue showed that the federal government received N632.260 billion, states got N320.691 billion, and local councils received N247.239 billion. The sum of N120.759 billion was also shared to benefit states as a derivation.

From the N515.391 billion VAT pool, the federal government received N51.539 billion, states got N283.465 billion, and local governments received N180.387 billion.

Similarly, from the N200 billion augmentation, the federal government got N105.360 billion, states received N53.440 billion, and local councils were allocated N41.200 billion.

The statement further noted that revenue from Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SDT), and Excise Duty recorded significant increases during the period.

However, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), oil and gas royalties, import duty, and Common External Tariff (CET) declined, while VAT recorded a marginal drop.