The Federation Account Allocation Committee (FAAC) has shared N2.036 trillion, March 2026 revenue, among the Federal Government, States and the Local Government Councils.
The revenue was shared at the April 2026 FAAC meeting held in Abuja on Wednesday.
The N2.036 trillion total distributable revenue comprised distributable statutory revenue of N1.320 trillion, distributable Value Added Tax (VAT) revenue of N515.391 billion and Augmentation of N200 billion.
A communiqué issued by FAAC indicated that total gross revenue of N2.364 trillion was available in the month of March 2026.
Total deduction for cost of collection was N81.084 billion while total transfers, refunds and savings was N246.872 billion and Augmentation of N200 billion.
According to the communiqué, gross statutory revenue of N1.699 trillion was received for the month of March 2026.
This was higher than the N1.561 trillion received in the preceding month by N137.914 billion.
Gross revenue of N664.425 billion was available from the Value Added Tax (VAT) in March 2026.
This was lower than the N668.450 billion available in the month of February 2026 by N4.025 billion.
The communiqué stated that from the N2.036 trillion total distributable revenue, the Federal Government received total sum of N789.159 billion and the State Governments received total sum of N657.596 billion.
The Local government Council received N468.826 billion, while the sum of N120.759 billion (13% of mineral revenue) was shared to the benefiting State as derivation revenue.
On the N1.320 trillion distributable statutory revenue, the communiqué stated that the Federal Government received N632.260 billion and the State Governments received N320.691 billion.
The Local Government Councils received N247.239 billion and the sum of N120.759 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
From the N515.391 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N51.539 billion, the State Governments received N283.465 billion and the Local Government Councils received N180.387 billion.
From the N200 billion Augmentation,the Federal Government received N105.360 billion, while the State Government received N53.440 billion and the Local Government Council received N41.200 billion.
In March 2026, Companies income Tax (CIT), CGT, SDT and Excise Duty increased significantly while Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Oil and Gas Royalty, Import Duty and CET decreased considerably.
Value Added Tax (VTA) decreased marginally.
(vitalnewsngr.com)
