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The Federation Account Allocation Committee (FAAC) has distributed N1.894 trillion from the Federation Account revenue for February 2026 among the Federal Government of Nigeria, state governments and local government councils.
This was disclosed in a statement issued on Friday by Bawa Mokwa, Director of Press and Public Relations in the Office of the Accountant-General of the Federation.
According to the statement, the revenue was shared during the March 2026 FAAC meeting held in Abuja.
The N1.894 trillion distributable revenue consisted of N1.274 trillion from statutory revenue and N619.119 billion from Value Added Tax (VAT).
The FAAC communiqué indicated that total gross revenue of N2.230 trillion was available for February 2026. From this amount, N77.302 billion was deducted as the cost of collection, while N259.078 billion was recorded for transfers, refunds and savings.
It further revealed that gross statutory revenue for February stood at N1.561 trillion, representing a decline of N395.138 billion from the N1.957 trillion recorded in January 2026.
Similarly, gross VAT revenue dropped to N668.450 billion, which was N414.710 billion lower than the N1.083 trillion recorded in January.
From the total N1.894 trillion distributed, the Federal Government received N675.088 billion, while state governments were allocated N651.525 billion.
Local government councils received N456.467 billion, while N110.949 billion, representing 13 per cent derivation revenue from mineral sources, was shared among eligible states.
A breakdown of the N1.274 trillion statutory revenue showed that the Federal Government received N613.174 billion, the states N311.010 billion, and local governments N239.776 billion, in addition to the N110.949 billion derivation allocation for oil-producing states.
From the N619.119 billion VAT revenue, the Federal Government received N61.912 billion, state governments N340.515 billion, and local government councils N216.692 billion.
The communiqué also noted that oil and gas royalties and excise duties recorded significant increases in February. However, revenues from Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SDT) and VAT declined during the period.
It added that import duty and Common External Tariff (CET) receipts recorded a marginal increase.
