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