The Federation Account Allocation Committee (FAAC) has distributed a total of N2.03 trillion to the federal, state and local governments for March 2026, drawn from a gross revenue of N2.36 trillion.

Details contained in a communiqué issued after the committee’s April meeting show that the Federal Government received N789.159 billion, states got N657.596 billion, while local government councils were allocated N468.826 billion. Oil-producing states also received N120.759 billion as 13 per cent derivation revenue.

The meeting was chaired by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.

According to the communiqué, “The total distributable revenue of N2.036 trillion comprised N1.320 trillion from statutory revenue, N515.391 billion from Value Added Tax (VAT), and an augmentation of N200 billion.”

A breakdown indicates that from the statutory revenue component, the federal government received N632.260 billion, states N320.691 billion, and local governments N247.239 billion, while N120.759 billion was allocated as derivation revenue.

From the VAT pool of N515.391 billion, the federal government received N51.539 billion, states got N283.465 billion, and local governments got N180.387 billion. The additional N200 billion augmentation was shared with the federal government receiving N105.360 billion, states N53.440 billion, and local governments N41.200 billion.

The FAAC communiqué also highlighted changes in revenue performance compared to the previous month.

“The gross statutory revenue for March 2026 stood at N1.699 trillion, representing an increase of N137.914 billion over the N1.561 trillion recorded in February 2026,” it stated.

However, VAT collections declined slightly. “Gross VAT revenue for the month was N664.425 billion, reflecting a decrease of N4.025 billion compared to the N668.450 billion recorded in the preceding month,” the communiqué added.

Deductions from the gross revenue included N81.084 billion as cost of collection and N246.872 billion for transfers, refunds and savings.

On revenue sources, the committee reported mixed performance across tax categories.

Companies’ Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties, and Excise Duties recorded significant increases, while Petroleum Profit Tax (PPT), Hydrocarbon Tax, Oil and Gas Royalties, Import Duty, and Common External Tariff (CET) declined. VAT receipts also recorded a marginal decrease.”

The distribution underscores Nigeria’s continued reliance on both oil and non-oil revenues, with stronger performance in company and consumption-related taxes partially offsetting declines in oil-linked income streams.