FAAC Allocates N2.04 Trillion for March 2026 Revenue

The Federal Account Allocation Committee (FAAC) announced a total allocation of N2.04 trillion for March 2026, marking a N150 billion increase from the N1.89 trillion distributed in February. This allocation was disclosed in a statement issued by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant General of the Federation.

The distribution comprises N1.32 trillion in statutory revenue, N515.39 billion from Value Added Tax (VAT), and N200 billion from other sources. The federal government received N789.16 billion (38.8% of the total), states received N657.60 billion (32.3%), and local government councils received N468.83 billion (23.0%).

Additionally, oil-producing states received N120.76 billion from the derivation account. The total gross revenue available for March was N2.364 trillion, with deductions for cost collection and refunds.

The report indicates a rise in gross statutory revenue to N1.699 trillion, driven by improved non-oil tax performance, despite a decline in VAT collections.