FG, states, LGCs share N2.036trn March revenue

The Federal Government, states, and local government councils have shared N2.036 trillion in Federation Account revenue for March 2026, following the April meeting of the Federation Account Allocation Committee held in Abuja.

The total distributable revenue comprised statutory revenue of N1.320 trillion, Value Added Tax revenue of N515.391 billion, and an augmentation of N200 billion.

From the total, the Federal Government received N789.159 billion, state governments received N657.596 billion, and local government councils received N468.826 billion. An additional N120.759 billion, representing 13 percent of mineral revenue, was shared to oil-producing states as derivation revenue.

On the statutory component, the Federal Government took N632.260 billion, states received N320.691 billion, and local councils received N247.239 billion, with the same N120.759 billion going to the benefiting states as derivation.

From the VAT pool of N515.391 billion, the Federal Government received N51.539 billion, states received N283.465 billion, and local councils received N180.387 billion. From the N200 billion augmentation, the Federal Government received N105.360 billion, states received N53.440 billion, and councils received N41.200 billion.

FAAC reported that gross statutory revenue for March stood at N1.699 trillion, higher than the N1.561 trillion recorded in February by N137.914 billion. VAT revenue of N664.425 billion was however slightly lower than the N668.450 billion recorded in February.

The committee noted that Companies Income Tax, Capital Gains Tax, Stamp Duty Tax, and Excise Duty increased significantly in March, while Petroleum Profit Tax, Hydrocarbon Tax, oil and gas royalties, import duty, and the Common External Tariff decreased. VAT declined marginally.