Federal government, states and local councils split N2.036 trillion in revenue for March

The Federation Account Allocation Committee (FAAC) has disbursed a substantial sum of N2.036 trillion to the federal government, states, and local government councils (LGCs) following its April meeting in Abuja.

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This distribution is comprised of statutory revenue amounting to N1.320 trillion, Value Added Tax (VAT) revenue of N515.391 billion, and an augmentation of N200 billion, totaling N2.036 trillion in distributable revenue.

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A communiqué issued by FAAC revealed that the total gross revenue for the month of March stood at N2.364 trillion, with deductions for the cost of collection amounting to N81.084 billion.

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Additionally, total transfers, refunds, and savings were reported to be N246.872 billion, along with an augmentation of N200 billion, as stated in the communiqué.

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The communiqué further disclosed that the gross statutory revenue for March 2026 was N1.699 trillion, exceeding the preceding month's revenue of N1.561 trillion by N137.914 billion.

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In terms of VAT revenue, the communiqué noted that N664.425 billion was available in March 2026, representing a decrease of N4.025 billion from the N668.450 billion available in February 2026.

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The federal government received a total of N789.159 billion from the N2.036 trillion distributable revenue, while state governments received N657.596 billion, and local governments (LGs) received N468.826 billion.

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A derivation revenue of N120.759 billion, equivalent to 13 per cent of mineral revenue, was shared among the benefiting states.

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From the N1.320 trillion distributable statutory revenue, the federal government's share was N632.260 billion, while state governments received N320.691 billion, and LGs received N247.239 billion.

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The sum of N120.759 billion, representing 13 per cent of mineral revenue, was also shared with the benefiting states as derivation revenue.

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The distribution of the N515.391 billion distributable VAT revenue resulted in the federal government receiving N51.539 billion, state governments receiving N283.465 billion, and LGs receiving N180.387 billion.

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Regarding the N200 billion augmentation, the federal government received N105.360 billion, state governments received N53.440 billion, and LGs received N41.200 billion.

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In March, significant increases were observed in Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SDT), and Excise Duty.

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Conversely, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Oil and Gas Royalty, Import Duty, and Custom and Excise Duties (CET) decreased substantially, while VAT experienced a marginal decrease.