The Federation Allocation Account Committee (FAAC), has shared a total sum of N1.894 trillion to the Federal Government, States, and Local Government Councils as February 2026 Federation Account Revenue.
A statement signed by the spokesperson of the Office of the Accountant General of the Federation, Bawa Mokwa, informed that the distribution made from a gross revenue of N2.230 trillion generated during the month, was shared at the March 2026 meeting of the FAAC, held in Abuja.
The N1.894 trillion distributable revenue comprised N1.274 trillion from distributable statutory revenue and N619.119 billion from Value Added Tax (VAT).
The statement indicated that a total gross revenue of N2.230 trillion was available in February 2026. From this amount, N77.302 billion was deducted as the cost of collection, while N259.078 billion was recorded
From the amount shared, the Federal Government received N675.086 billion, the 36 states received N651.525 billion, while the 774 local government councils got N456.467 billion. Oil-producing states also received an additional N110.949 billion as derivation revenue, representing 13 per cent of mineral proceeds.
The statement further disclosed that N77.302 billion was paid to revenue-generating agencies as the cost of collection, while N259.078 billion was allocated for transfers, interventions, and refunds.
The ministry explained that gross revenue from Value Added Tax (VAT) for February stood at N668.450 billion, compared to N1.083 trillion distributed in the preceding month, indicating a decline of N414.710 billion.
From the VAT revenue, N26.738 billion was deducted as cost of collection, while N22.593 billion was set aside for transfers, interventions, and refunds.
The remaining N619.119 billion was shared among the three tiers of government, with the Federal Government receiving N61.912 billion, the states N340.515 billion, and local government councils N216.692 billion.
Similarly, the gross statutory revenue of N1.561 trillion recorded in February was lower than the N1.957 trillion received in the previous month, representing a decrease of N395.138 billion.
From the statutory revenue, N50.564 billion was deducted as cost of collection, while N236.485 billion was allocated for transfers, interventions, and refunds.
The balance of N1.274 trillion was distributed as follows: the Federal Government received N613.174 billion, states got N311.010 billion, and local governments received N239.776 billion, while N110.949 billion was allocated as derivation revenue to oil-producing states.
The statement noted that revenue from oil and gas royalty as well as excise duty recorded significant increases during the period. It added that collections from 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 during the month under review.
