The gross statutory revenue rose to N1.7 trillion in March, about nine per cent or N138 billion higher than the N1.56 trillion generated in February.

This was disclosed by the Federation Account Allocation Committee (FAAC) in a communiqué announcing the sharing of N2.036 trillion to the three tiers of government.

The communiqué, which was issued at the end of the April 2026 FAAC meeting in Abuja, said the value-added tax (VAT) stood at N664.425 billion, N4.025 billion short of the N668.45 billion received in February 2026.

FAAC said the N2.036 trillion total distributable revenue comprised distributable statutory revenue of N1.32 trillion, distributable VAT revenue of N515.391 billion and augmentation of N200 billion.

The communiqué indicated that the total gross revenue of N2.036 trillion was available in March 2026.

Total deduction for cost of collection was N81.08 billion, while total transfers, refunds and savings were N246.87 billion, just as augmentation was N200 billion.

From the N2.036 trillion total distributable revenue, the Federal Government received N789.159 billion while the state governments received N657.596 billion.

Local government councils received N468.826 billion, while N120.759 billion (13 per cent of mineral revenue) was shared with the benefiting states as derivation revenue.

Of the N1.32 trillion distributable statutory revenue, the communiqué said the Federal Government received N632.26 billion and the state governments received N320.691 billion.

The councils received N247.239 billion and N120.759 billion (13 per cent of mineral revenue) was shared among the benefiting states as derivation revenue.

From the N515.391 billion distributable VAT revenue, the Federal Government received N51.539 billion, the state governments received N283.465 billion, while local government councils received N180.387 billion.

From the N200 billion augmentation, the Federal Government received N105.36 billion, while the state government and local governments received N53.440 billion and N41.200 billion, respectively.

The communiqué noted that in March, company income tax (CIT), capital gains tax (CGT), stamp duty tax (SDT) and excise duty increased significantly, while petroleum profit tax (PPT), hydrocarbon tax (HT), oil and gas royalty, import duty and CET decreased considerably.