The Federation Account Allocation Committee (FAAC) has distributed a total of N1.894 trillion as Federation Account revenue for February 2026 to the Federal Government, state governments and local government councils.
The revenue was shared at the March 2026 FAAC meeting held in Abuja, according to a statement issued by the Director of Press and Public Relations in the Office of the Accountant-General of the Federation (OAGF), Bawa Mokwa.
The statement said the N1.894 trillion distributable revenue comprised N1.274 trillion from statutory revenue and N619.119 billion from Value Added Tax (VAT).
A communiqué issued at the meeting indicated that total gross revenue of N2.230 trillion was available in February. From this amount, N77.302 billion was deducted as cost of collection, while N259.078 billion was allocated for transfers, refunds and savings.
According to the communiqué, gross statutory revenue stood at N1.561 trillion in February, representing a decline of N395.138 billion compared with the N1.957 trillion recorded in January.
Similarly, gross VAT revenue for February was N668.450 billion, which was N414.710 billion lower than the N1.083 trillion generated in January.
From the N1.894 trillion distributable revenue, the Federal Government received N675.088 billion, while state governments got N651.525 billion.
Local government councils received N456.467 billion, while N110.949 billion, representing 13 per cent derivation from mineral revenue, was allocated to oil-producing states.
The communiqué further showed that from the N1.274 trillion distributable statutory revenue, the Federal Government received N613.174 billion, states received N311.010 billion, while local government councils got N239.776 billion.
The N110.949 billion derivation revenue was also drawn from the statutory revenue component and shared among benefiting states.
From the N619.119 billion distributable VAT revenue, the Federal Government received N61.912 billion, states received N340.515 billion, while local government councils got N216.692 billion.
The communiqué also noted that Oil and Gas Royalty as well as Excise Duty recorded significant increases during the month, while Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SDT) and Value Added Tax (VAT) declined substantially.
It added that Import Duty and the Common External Tariff (CET) recorded marginal increases during the period.
