KEY POINTS
- FG, states, and LGs received allocations from March 2026 revenue, with oil-producing states getting ₦120.759 billion derivation.
- The finance minister chaired his first FAAC meeting, marking another ₦2 trillion-plus distribution this year.
- Statutory revenue increased, but VAT and key oil-related revenues recorded declines.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on Wednesday presided over his first meeting of the Federation Account Allocation Committee (FAAC), where a total of ₦2.036 trillion was shared among the three tiers of government for March 2026.
This marks the second time this year that FAAC allocations have exceeded the ₦2 trillion threshold, signaling a strong revenue month for the federation.
According to the Office of the Accountant General of the Federation, the distributable revenue comprised:
₦1.320 trillion from statutory revenue
₦515.391 billion from Value Added Tax (VAT)
₦200 billion as augmentation
Total revenue inflow for March stood at ₦2.364 trillion before deductions. From this, ₦81.084 billion was deducted as cost of collection, while ₦246.872 billion went to transfers, refunds, and savings.
Statutory Revenue Rises, VAT Slightly Drops
The report showed improved statutory revenue performance, rising to ₦1.699 trillion in March from ₦1.561 trillion in February.
However, VAT collections dipped slightly to ₦664.425 billion, compared to ₦668.450 billion recorded in the previous month.