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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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