Elegbede Abiodun
The Federation Account Allocation Committee (FAAC) 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.O
The revenue was shared at 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 (VAT).
According to the communiqué, a total gross revenue of N2.230 trillion was available in February. From this amount, N77.302 billion was deducted as the cost of collection, while N259.078 billion was set aside for transfers, refunds and savings.
The committee noted that 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 2026.
Similarly, gross VAT revenue dropped to N668.450 billion in February, a decrease of N414.710 billion from the N1.083 trillion generated in January.
From the N1.894 trillion distributable revenue, 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 shared among the benefiting states.
A breakdown of the N1.274 trillion statutory revenue showed that the Federal Government received N613.174 billion, states got N311.010 billion, and local government councils received N239.776 billion, while the N110.949 billion derivation revenue was distributed to eligible states.
From the N619.119 billion VAT revenue, the Federal Government received N61.912 billion, states received N340.515 billion, while local government councils got N216.692 billion.
The communiqué further 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 significantly during the period.
It added that import duty and Common External Tariff (CET) receipts recorded a marginal increase.
