…FG, states, LGs share N2.036trn

Nigeria is cashing out from ongoing Middle East energy disruption triggered by the United States – Israel war against the Islamic Republic of Iran. Report released yesterday by the Federation Account Allocation Committee (FAAC) revealed that March revenue surpassed previous month (February) by N142 billion.

FAAC rounded up its March session yesterday in Abuja, during which it approved N2.036 trillion gross revenue, being for March 2026 revenue shared out to the three tires of governments.

The amount was higher than the previous month’s N1.894 trillion by N142 billion. An oil producing nation, Nigeria is benefiting from the ongoing crisis primarily through a significant windfall in oil revenue, which boosts the funds available for distribution by FAAC. The conflict has upped the oil prices to surge well above Nigeria’s 2026 budget benchmark of $64.85 per barrel resulting in higher export earnings.

The crisis, which started in February, pushed global oil prices above $90–$100 per barrel. The price surge increases the value of every barrel of crude oil exported. The higher oil prices directly translate into increased foreign exchange (FX) inflows, boosting Nigeria’s external reserves.

Revenue from oil makes a significant percentage of revenue flow into FAAC purse. Other incomes include non oil revenue from customs’ Excise Duty and tax collections by the Nigeria Revenue Service ( NRS). At FAAC meeting yesterday, a total of N2.036 trillion, being March 2026 Federation Account Revenue, has been shared to the Federal Government, states and the local government councils.

The N2.036 trillion total distributable revenue comprised distributable statutory revenue of N1.320 trillion, distributable Value Added Tax (VAT) revenue of N515.391 billion and augmentation of N200 billion. The breakdown indicated that total gross revenue of N2.364 trillion was available in the month of March 2026. The total deduction for the cost of the collection was N81.084 billion while total transfers, refunds and savings was N246.872 billion and agumentation of N200 billion.

The gross statutory revenue of N1.699 trillion was received for the month of March 2026. This was higher than the sum of N1.561 trillion received in the preceding month by N137.914 billion. The gross revenue of N664.425 billion was available from the Value Added Tax (VAT) in March 2026.