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FAAC: N81bn Spent on Revenue Collection in March

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FAAC revenue collection cost March 2026 rose to N81.084bn, even as Nigeria recorded higher gross revenue and slight efficiency improvement

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The cost of revenue collection in Nigeria rose to N81.084 billion in March 2026, according to data released by the Federation Account Allocation Committee (FAAC), even as the country recorded improved overall revenue performance for the month.

Also read: Nigeria Records N6 Trillion FAAC Disbursement in Q3 2025

The FAAC revenue collection cost March 2026 figure represents a 4.89 per cent increase compared to N77.302 billion recorded in February, based on a communiqué issued after the committee’s April meeting in Abuja, where N2.036 trillion was shared among the three tiers of government.

Despite the rise in nominal costs, analysis of the figures shows a marginal improvement in efficiency.

The cost of collection as a share of gross revenue declined slightly from 3.47 per cent in February to 3.43 per cent in March.

This reflects a small but notable improvement in cost efficiency, even as more funds were expended on revenue collection during the period.

Overall revenue performance strengthened in March, with total distributable revenue increasing from N1.894 trillion in February to N2.036 trillion, representing a 7.50 per cent rise.

Gross revenue also climbed from N2.230 trillion to N2.364 trillion, indicating a 6.01 per cent increase month-on-month.

Statutory revenue recorded strong growth, rising by 8.83 per cent from N1.561 trillion in February to N1.699 trillion in March.

However, Value Added Tax (VAT) collections dipped slightly by 0.60 per cent, falling from N668.450 billion to N664.425 billion.

Allocations to the three tiers of government also reflected the improved revenue inflow.

The Federal Government received N789.159 billion in March, up from N675.088 billion in February, marking a significant 16.90 per cent increase.

State governments received N657.596 billion, while local government councils got N468.826 billion, reflecting modest increases of 0.93 per cent and 2.71 per cent respectively.

Oil-producing states also saw an uplift in derivation revenue, which rose from N110.949 billion to N120.759 billion, an increase of 8.84 per cent.

Also read: Fact-Check: ZamTracka Disputes Former Governor Matawalle’s ₦1 Trillion FAAC Claim for Zamfara

Overall, the data suggests that while revenue collection costs rose in absolute terms, stronger revenue growth helped maintain relatively stable efficiency levels across the federation account system.

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Tinubu to Open Niger Delta Economic Summit in Port Harcourt

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Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth

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Dangote Refinery Sets ₦525 Share Price for Landmark IPO

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Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.

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The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.

The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.

The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.

The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.

The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.

The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.

The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.

The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.

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Glo @23: Staff Unite for a Memorable Sports Celebration

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Glo marks its 23rd anniversary with a lively staff sports fiesta in Lagos, featuring football, games, prizes and celebrations centred on teamwork (more…)

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