FG, States, LG share N2,036tn March revenue amid rise in statutory profits

The Federation Account Allocation Committee (FAAC) has shared a total of N2.036 trillion among the federal government, states and local government councils (LGCs) for March 2026, reflecting improved statutory revenue performance driven largely by stronger tax collection.

The allocation was approved at the April 2026 FAAC meeting held in Abuja, according to a statement issued after the session.

The distributable revenue included N1.320 trillion from statutory sources, N515.391 billion from Value Added Tax (VAT) and an increase of N200 billion. In total, gross available revenue for March stood at N2.364 trillion.

From the total distributable sum, the federal government received N789.159 billion, state governments received N657.596 billion, while local government councils received N468.826 billion.

Another 120.759 billion naira, representing 13% of mining revenue, was shared among eligible oil-producing states.

Breaking down the statutory revenue of N1.320 trillion, the federal government received N632.260 billion, states received N320.691 billion and local governments received N247.239 billion, with the same derivation component N120.759 billion reserved for oil producing states.

From the VAT pool of N515.391 billion, the federal government received N51.539 billion, states received N283.465 billion, while local councils received N180.387 billion.

The increase of N200 billion was distributed as follows: the federal government received N105.360 billion, states N53.440 billion and local governments N41.200 billion.

The statement noted that gross statutory revenue for March rose to N1.699 trillion, marking an increase of N137.914 billion from February’s figure of N1.561 trillion.

However, VAT collection recorded a slight decline from N668.450 billion in February to N664.425 billion in March, representing a marginal decrease of N4.025 billion.

The FAAC further revealed that NW81.084 billion was deducted as collection cost, while NW246.872 billion was recorded as total transfers, refunds and savings in the period.

Turning to revenue trends, the committee said corporate income tax (CIT), capital gains tax (CGT), stamp duty and excise duty saw notable increases during the month.

In contrast, petroleum profits tax (PPT), hydrocarbon tax (HT), oil and gas royalties, import duties and common external tariff (CET) decreased significantly, while VAT recorded only a slight decline.

The latest disbursement comes in the context of ongoing fiscal pressures on sub-national governments, with allocations from the federation account remaining a key source of funding for recurrent and capital expenditure between states and local councils.

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