Abuja, NIGERIA — In his first official act following his elevation to Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele presided over the Federation Account Allocation Committee (FAAC) meeting on Wednesday, April 22, 2026.
The meeting saw a record ₦2.036 trillion in revenue for March 2026 distributed among the three tiers of government.
This milestone marks the second time in 2026 that monthly disbursements have crossed the ₦2 trillion threshold, signaling a significant surge in federation revenue.
Okay News reports that the total gross revenue inflow for March stood at ₦2.364 trillion, with the distributable portion boosted by ₦515.391 billion from Value Added Tax (VAT) and an ₦200 billion augmentation.
March 2026 FAAC Allocation Breakdown
The ₦2.036 trillion total distributable revenue was shared as follows:
- 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
The VAT component of ₦515.391 billion showed a healthy distribution, with State Governments receiving the largest share at ₦283.465 billion, followed by Local Governments at ₦180.387 billion. The Federal Government received ₦51.539 billion from the VAT pool.
According to a statement from the Office of the Accountant General of the Federation, signed by Bawa Mokwa, the high revenue figures were achieved after accounting for ₦81.084 billion in collection costs and ₦246.872 billion in transfers, refunds, and savings. The statutory revenue component remained the largest contributor to the pool at ₦1.320 trillion.
Taiwo Oyedele’s leadership of the FAAC comes just 24 hours after his appointment, reinforcing the administration’s focus on fiscal transparency and revenue optimization. The increased allocations are expected to provide states and local governments with much-needed liquidity to fund infrastructure and social welfare projects amid ongoing economic reforms.
