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Federation Account Allocation Committee distributes N2.04 trillion for March 2026 amid increased statutory revenue
via Punch Nigeria2 min read
The Federation Account Allocation Committee FAAC distributed N2.04 trillion as revenue for March 2026, an increase of N150 billion from the N1.89 trillion shared in February. This was announced by Bawa Mokwa, Director of Press and Public Relations for the Office of the Accountant General of the Federation, following the April 2026 FAAC meeting in Abuja. The total distributable revenue included N1.32 trillion from statutory revenue, N515.39 billion from Value Added Tax VAT, and N200 billion in augmentation. The Federal Government received N789.16 billion 38.8%, states received N657.60 billion 32.3%, and local government councils received N468.83 billion 23.0%. Oil-producing states were allocated N120.76 billion as derivation 5.9%. Total gross revenue for March 2026 was N2.364 trillion, with N81.08 billion deducted for collection costs and N246.87 billion for transfers, refunds, and savings. Gross statutory revenue for March 2026 was N1.699 trillion, an increase of N137.91 billion from February, which largely drove the higher FAAC distribution. However, VAT collections saw a marginal decrease, with N664.425 billion in March compared to N668.450 billion in February. Companies Income Tax, Capital Gains Tax, Stamp Duties, and Excise Duty showed significant increases, indicating improved non-oil tax performance. Conversely, Petroleum Profit Tax, Hydrocarbon Tax, oil and gas royalty, import duty, and CET declined. The FAAC outcome highlights the growing strength of non-oil taxes, wh
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This summary was AI-generated from a story originally published by Punch Nigeria.
The Federal Government of Nigeria plans to waive debts owed by domestic airlines to aviation agencies, a measure announced by Minister of Aviation and Aerospace Development Festus Keyamo. This intervention follows a high-level meeting in Abuja to address the rising cost of Jet A1 fuel. Keyamo stated that President Tinubu mandated a request for a generous discount on debts owed to agencies like NAMA, FAAN, and NCAA, expressing appreciation to airline operators for not increasing prices despite the challenges. The President will also consider establishing a committee to review and potentially reduce levies, taxes, and fees on domestic tickets, aiming to provide relief to Nigerian travelers. Additionally, a one-on-one meeting between the President and airline operators is planned for broader discussions on access to capital. Allen Onyema, Chairman/Chief Executive Officer of Air Peace, attributed the crisis to the disproportionate increase in Jet A1 fuel prices, noting a 300 percent rise in Nigeria compared to a 20 percent global increase after the Hormuz blockade. He emphasized that airlines were "bleeding" and had threatened to shut down due to unsustainable fuel costs, but suspended the action after appeals from the Minister. Onyema called for a total waiver of all debts and a suspension of further payments until the Hormuz situation stabilizes. He also highlighted the high cost of funding acquisition for airlines in Nigeria, urging the government to fund the Bank of Industry
Chief Dele Momodu, publisher of Ovation and a chieftain of the African Democratic Congress, encouraged Nigerian youth to actively participate in the upcoming general elections, particularly the presidential poll, which he described as a "war" due to the winner-takes-all nature of Nigerian politics. Speaking at Obafemi Awolowo University OAU in Ile-Ife, Osun State, during a 'Reading Time' event for Library Week, Momodu advised a practical approach to politics, stating that the Nigerian president holds significant power, controlling the judiciary, legislature, and various demographics. He also reflected on his decision not to work with President Bola Tinubu, despite their past association, attributing it to his contentment and the values he learned at OAU. Momodu, who was a guest reader, recalled his student days and emphasized that his choices were not driven by financial gain, noting that if money were his motivation, he would have joined the ruling All Progressives Congress. OAU Librarian, Dr. Adebimpe Fadehan, highlighted the 'Reading Time' event as a key part of Library Week, aiming to promote reading and provide a space for engagement with written words. The PUNCH reported on uncertainties regarding the participation of some political parties in the 2027 elections due to leadership crises, which could impact their ability to field candidates, with the African Democratic Congress and the People’s Democratic Party awaiting Supreme Court decisions on internal disputes.
The Independent National Electoral Commission INEC has started a comprehensive verification exercise at the Labour Party's national secretariat in Abuja. This audit is part of INEC's regulatory scrutiny of political parties in preparation for the 2027 general elections. The INEC delegation, led by Mansur Hassan, is tasked with verifying the party’s leadership structure, membership register, financial records, and compliance with statutory requirements, including proof of tenancy or ownership of its secretariat. Hassan emphasized that INEC's role is to monitor and correct, not just observe. The exercise will involve verifying the membership of the party executive and National Working Committee, reviewing tenancy agreements and receipts, and obtaining a soft copy of the membership register. The Labour Party's interim National Chairman, Nenadi Usman, welcomed the audit, expressing the leadership's commitment to rebuilding the party amidst internal disputes. Usman appealed for unity, extending an olive branch to aggrieved factions led by Julius Abure and Lamidi Apapa, and urged reconciliation. She presented requested documents to INEC and toured the delegation around the secretariat. This follows a similar verification conducted for the Social Democratic Party, as INEC continues its regulatory checks to ensure political parties comply with constitutional provisions and governance standards.
Must ReadPresident Bola Tinubu has sent a bill to the House of Representatives to repeal and re-enact the Nigeria Police Trust Fund Establishment Act, 2025. The President's letter, dated April 1, 2026, and addressed to Speaker Tajudeen Abbas, requests expedited consideration for the proposed legislation. Tinubu stated that a review of the existing framework is necessary to meet current security demands, aiming to strengthen funding, oversight, and operational efficiency of the Nigeria Police Force. The re-enactment is intended to improve the management and administration of the fund, support training and skill enhancement, provide modern security equipment, and enhance the welfare of the NPF. The President emphasized that the amendments would improve the transparency and long-term viability of the intervention fund, enhancing its operational capacity, accountability, and sustainability in line with the nation's security imperatives. The Nigeria Police Trust Fund was established to provide dedicated funding for training, equipping, and welfare, drawing resources from the Federation Account, company contributions, and international grants. Concerns have been raised regarding the Fund's effectiveness, transparency, and coordination, with stakeholders noting overlaps, project delays, and the need for stronger accountability. This move is part of broader government efforts to reform the security architecture, improve resource management, and align funding with current threats like terroris