The Federation Account Allocation Committee (FAAC) shared N2.036 trillion among the federal government, states and the local government councils (LGCs).

The revenue was shared at the April meeting of FAAC in Abuja.

The N2.036 trillion total distributable revenue comprised statutory revenue of N1.320 trillion, value added tax (VAT) revenue of N515.391 billion and augmentation of N200 billion.

A communiqué by FAAC indicated that total gross revenue of N2.364 trillion was available in the month of March.

It said that the total deduction for the cost of collection was N81.084 billion, while total transfers, refunds and savings were N246.872 billion and augmentation of N200 billion.

The communiqué said gross statutory revenue of N1.699 trillion was received for the month of March 2026.

This is higher than the sum of N1.561 trillion received in the preceding month by N137.914 billion.

“Gross revenue of N664.425 billion was available from VAT in March 2026. This was lower than the N668.450 billion available in the month of February 2026 by N4.025 billion,” it said.

The communiqué said from the N2.036 trillion total distributable revenue, the federal government received a total sum of N789.159 billion, and the state governments received a total sum of N657.596 billion.

It stated that the LGs received N468.826 billion, while the sum of N120.759 billion (13 per cent of mineral revenue) was shared with the benefitting state as derivation revenue.

“On the N1.320 trillion distributable statutory revenue, the federal government received N632.260 billion, and the state governments received N320.691 billion.

“The LGs received N247.239 billion, and the sum of N120.759 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue,” it said.

It said that from the N515.391 billion distributable VAT revenue, the federal government received N51.539 billion, the state governments received N283.465 billion and the LGs received N180.387 billion.

It noted that from the N200 billion augmentation, the federal government received N105.360 billion, state government received N53.440 billion, and the LGs received N41.200 billion.

It said that in March, companies’ income tax (CIT), CGT, SDT and excise duty increased significantly.

It said that Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Oil and Gas Royalty, Import Duty and CET decreased considerably, while VAT decreased marginally. 

(NAN)