In his inaugural Federation Account Allocation Committee (FAAC) meeting as the minister of finance and coordinating minister of the economy, Taiwo Oyedele oversaw the disbursement of a record N2.036 trillion to federal, state, and local governments for March 2026.
This marks the second time this year that FAAC allocations have surpassed the N2 trillion mark.
The disbursement, detailed in a statement by the Office of the Accountant General of the Federation, consisted of N1.320 trillion from statutory revenue, N515.391 billion from Value Added Tax (VAT) collections, and an additional N200 billion support provision.
Total revenue inflow for March was N2.364 trillion, with deductions including cost of collection (N81.084 billion) and transfers, refunds, and savings (N246.872 billion).
Statutory revenue increased to N1.699 trillion, reflecting an improvement of over N137 billion compared to February. VAT collections slightly decreased to N664.425 billion.
The federal government received N789.159 billion, state governments got N657.596 billion, and local government councils were allocated N468.826 billion. Oil-producing states received N120.759 billion as derivation revenue.
