The new Coordinating Minister of the Economy, Taiwo Oyedele, has presided over the Federation Account Allocation Committee (FAAC) meeting where ₦2.036 trillion was shared among the three tiers of government for March 2026.
The development has drawn fresh attention in political and economic circles as it comes after the exit of former Finance Minister, Wale Edun, who previously chaired the committee before his removal from office.
According to details from the Office of the Accountant General of the Federation, the meeting distributed ₦1.320 trillion from statutory revenue, ₦515.391 billion from VAT, and ₦200 billion in augmentation.
A statement signed by Bawa Mokwa, Director of Press and Public Relations, showed that total gross revenue for March stood at ₦2.364 trillion, while ₦81.084 billion was deducted as cost of collection and ₦246.872 billion was set aside for transfers, refunds, and savings.
Under the sharing structure, the Federal Government received ₦789.159 billion, states got ₦657.596 billion, and local government councils received ₦468.826 billion. Oil-producing states also received ₦120.759 billion as derivation revenue.
From statutory revenue alone, the Federal Government received ₦632.260 billion, states ₦320.691 billion, and local governments ₦247.239 billion. VAT allocations were also distributed, with states receiving the largest share.
The FAAC meeting is traditionally chaired by the Coordinating Minister of Finance, a role formerly held by Edun before he was relieved of his duties following months of reported disagreements within the presidency over fiscal policy direction, capital project funding, and revenue prioritisation.
Insiders had earlier linked Edun’s removal to tensions over his handling of project financing and his insistence on prioritising debt servicing and recurrent expenditures, which reportedly affected capital releases to ministries and contractors.
His exit paved the way for Oyedele’s emergence as head of key fiscal coordination processes, including FAAC, marking a shift in the administration’s economic management structure.
