The Federal Government, states, and local government councils shared a total of ₦2.036 trillion as Federation Account revenue for March 2026.
The revenue was distributed at the April meeting of the Federation Account Allocation Committee held in Abuja, according to a statement issued on Wednesday by the Office of the Accountant-General of the Federation.
The total distributable revenue comprised ₦1.320 trillion statutory revenue, ₦515.391 billion from Value Added Tax (VAT), and an augmentation of ₦200 billion.
A communiqué from FAAC indicated that total gross revenue available in March stood at ₦2.364 trillion. From this amount, ₦81.084 billion was deducted as cost of collection, while ₦246.872 billion was set aside for transfers, refunds, and savings.
The statement, signed by the Director of Press and Public Relations, Mr Bawa Mokwa, noted that gross statutory revenue of ₦1.699 trillion was recorded in March, representing an increase of ₦137.914 billion compared to the ₦1.561 trillion recorded in February.
However, VAT revenue declined slightly, with ₦664.425 billion generated in March, which was ₦4.025 billion lower than the ₦668.450 billion recorded in February.
From the ₦2.036 trillion distributable revenue, the Federal Government received ₦789.159 billion, states received ₦657.596 billion, while local government councils got ₦468.826 billion.
Additionally, ₦120.759 billion, representing 13 per cent of mineral revenue, was allocated to oil-producing states as derivation revenue.
Further breakdown showed that from the ₦1.320 trillion statutory revenue, the Federal Government received ₦632.260 billion, states got ₦320.691 billion, and local government councils received ₦247.239 billion, while the derivation allocation remained ₦120.759 billion.
From the ₦515.391 billion VAT revenue, the Federal Government received ₦51.539 billion, states received ₦283.465 billion, and local government councils got ₦180.387 billion.
Similarly, from the ₦200 billion augmentation, the Federal Government received ₦105.360 billion, states received ₦53.440 billion, while local government councils received ₦41.200 billion.
The communiqué also indicated that revenues from Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SDT), and excise duties recorded notable increases during the period.
However, revenues from Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), oil and gas royalties, import duties, and Common External Tariff (CET) declined, while VAT recorded a marginal decrease.
