The Federation Account Allocation Committee (FAAC), Wednesday shared a complete sum of N2.036 trillion to the three tiers of presidency from a gross income of N2.364 trillion for the month of March 2026.
The disbursement was made in Abuja on the month-to-month assembly of FAAC chaired by Minister of Finance and Coordinating Minister of the Financial system, Taiwo Oyedele.
Citing a communique issued on the assembly, Head, Info and Public Relations, Federal Ministry of Finance, Efe Ovuakporie, stated from the overall distributable income of N2.036 trillion, the federal authorities obtained N789.159 billion, states obtained N657.596 billion, whereas the native authorities councils acquired N468.826 billion. The oil-producing states obtained N120.759 billion as 13 per cent derivation income.
The overall distributable income comprised N1.320 trillion from statutory income, N515.391 billion from Worth Added Tax (VAT), and an augmentation of N200 billion.
A breakdown of the statutory income allocation confirmed the federal authorities obtained N632.260 billion, states obtained N320.691 billion, whereas the native authorities councils obtained N247.239 billion.
The sum of N120.759 billion was allotted as derivation income.
From the VAT pool of N515.391 billion, the federal authorities obtained N51.539 billion, the states obtained N283.465 billion, and the native authorities councils obtained N180.387 billion.
The federal authorities obtained N105.360 billion, the states acquired N53.440 billion, and the native authorities councils obtained N41.200 billion from augmentation of N200 billion.
The communiqué indicated the gross statutory income for March 2026 stood at N1.699 trillion, representing a rise of N137.914 billion over the N1.561 trillion recorded in February 2026.
It additional confirmed that gross VAT income for the month was N664.425 billion, reflecting a lower of N4.025 billion in comparison with the N668.450 billion recorded within the previous month.
From the gross income, a complete of N81.084 billion was deducted as value of assortment, whereas N246.872 billion was allotted for transfers, refunds, and financial savings.
By way of income efficiency, Firms Revenue Tax (CIT), Capital Positive factors Tax (CGT), Stamp Duties, and Excise Duties recorded important will increase, whereas Petroleum Revenue Tax (PPT), Hydrocarbon Tax, Oil and Fuel Royalties, Import Responsibility, and Widespread Exterior Tariff (CET) declined. VAT receipts additionally recorded a marginal lower.
Ndubuisi Francis
Times Nigeria