Photo caption: FAAC logo
The Federation Account Allocation Committee has shared a total of N1.894 trillion as Federation Account revenue for February 2026 among the Federal Government, states and local government councils.
This was disclosed in a statement issued on Friday by the Director of Press and Public Relations in the Office of the Accountant-General of the Federation, Bawa Mokwa.
According to the statement, the revenue was distributed during the March 2026 FAAC meeting held in Abuja.
The N1.894 trillion distributable revenue comprised N1.274 trillion from statutory revenue and N619.119 billion from Value Added Tax.
The communiqué indicated that a total gross revenue of N2.230 trillion was available in February 2026. From the amount, N77.302 billion was deducted as cost of collection, while N259.078 billion was recorded as transfers, refunds and savings.
It further noted that gross statutory revenue for February stood at N1.561 trillion, representing a decrease 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 from N1.083 trillion recorded in January, indicating a decline of N414.710 billion.
From the N1.894 trillion shared, the Federal Government received N675.088 billion, state governments received N651.525 billion, while local government councils got N456.467 billion.
In addition, N110.949 billion, representing 13 per cent derivation revenue from mineral resources, was distributed among the benefiting states.
A breakdown of the N1.274 trillion statutory revenue showed that the Federal Government received N613.174 billion, the states got N311.010 billion, and local government councils received N239.776 billion, while the derivation revenue of N110.949 billion went to eligible states.
From the N619.119 billion VAT revenue, the Federal Government received N61.912 billion, state governments received N340.515 billion, and local government councils got N216.692 billion.
The communiqué also noted that revenues from oil and gas royalty and excise duty recorded significant increases in February.
However, receipts from Petroleum Profit Tax, Hydrocarbon Tax, Companies Income Tax, Capital Gains Tax, Stamp Duties and VAT declined during the period, while import duty and Common External Tariff collections recorded marginal increases.
