Taiwo Oyedele Presides Over FAAC, Shares Record ₦2.036 Trillion for March 2026

Abuja, Nigeria | April 23, 2026

The incoming Coordinating Minister of the Economy, Taiwo Oyedele, has presided over his first meeting of the Federation Account Allocation Committee (FAAC), overseeing the distribution of a record ₦2.036 trillion as Federation Account revenue for March 2026.

The disbursement marks the second time in 2026 that allocations to the federal, state, and local governments have exceeded the ₦2 trillion threshold, underscoring improved revenue inflows and fiscal performance.

According to figures released, the total distributable revenue stood at ₦2.036 trillion, comprising ₦1.320 trillion from statutory revenue, ₦515.391 billion from Value Added Tax (VAT), and an augmentation of ₦200 billion. The gross revenue inflow for the month was ₦2.364 trillion, with ₦81.084 billion deducted as cost of collection and ₦246.872 billion allocated for transfers, refunds, and savings.

A breakdown of the ₦2.036 trillion allocation shows that the Federal Government received ₦789.159 billion, while state governments were allocated ₦657.596 billion. Local government councils received ₦468.826 billion, while oil-producing states received ₦120.759 billion as 13 percent derivation revenue.

Further analysis indicates that from the statutory revenue component of ₦1.320 trillion, the Federal Government received ₦632.260 billion, states received ₦320.691 billion, local governments got ₦247.239 billion, and ₦120.759 billion was allocated as derivation.

From the VAT revenue of ₦515.391 billion, the Federal Government received ₦51.539 billion, states received ₦283.465 billion, and local governments got ₦180.387 billion.

The ₦200 billion augmentation was also shared among the three tiers of government, with the Federal Government receiving ₦105.360 billion, states ₦53.440 billion, and local governments ₦41.200 billion.

Details of the distribution were contained in a statement issued by the Office of the Accountant General of the Federation and signed by Bawa Mokwa, Director of Press and Public Relations.

The outcome of the meeting highlights the continued importance of FAAC as a central mechanism for revenue sharing in Nigeria, as well as the government’s efforts to ensure timely disbursement of funds to support governance and development across all tiers.