Taiwo Oyedele Presides Over FAAC

….Shares Record ₦2.036 Trillion for March 2026 Second Time in 2026 Disbursements Top ₦2 Trillion Mark.

Incoming Coordinating Minister of the Economy, Taiwo Oyedele, chaired his first FAAC meeting in his new ministerial role, overseeing the allocation of ₦2.036 trillion in Federation Account revenue for March 2026.

This marks the second time this year that FAAC disbursements to the federal, state, and local governments have exceeded the ₦2 trillion threshold.

Key Figures from the Meeting:

Total distributable revenue: ₦2.036 trillion

Distributable statutory revenue: ₦1.320 trillion

Distributable VAT revenue: ₦515.391 billion

Augmentation: ₦200 billion

Gross revenue inflow for March: ₦2.364 trillion

Cost of collection: ₦81.084 billion

Transfers, refunds, and savings: ₦246.872 billion

Breakdown of the ₦2.036 Trillion Allocation:
Federal Government: ₦789.159 billion
State governments: ₦657.596 billion
Local government councils: ₦468.826 billion
Derivation (13% to oil-producing states): ₦120.759 billion

Statutory Revenue Component (₦1.320 trillion):
Federal: ₦632.260 billion
States: ₦320.691 billion
Local governments: ₦247.239 billion
Derivation: ₦120.759 billion

VAT Component (₦515.391 billion):
Federal: ₦51.539 billion
States: ₦283.465 billion
Local governments: ₦180.387 billion

Augmentation (₦200 billion):
Federal: ₦105.360 billion
States: ₦53.440 billion
Local governments: ₦41.200 billion

The distribution details were provided in a statement from the Office of the Accountant General of the Federation, signed by Bawa Mokwa, the Director of Press and Public Relations.