The Federation Account Allocation Committee (FAAC) has shared a total of ₦1.894 trillion as Federation Account revenue for February 2026 among the federal, state and local governments.
The development 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 total distributable revenue of ₦1.894 trillion comprised ₦1.274 trillion from statutory revenue and ₦619.119bn from Value-Added Tax (VAT).
The communiqué revealed that a gross revenue of ₦2.230 trillion was generated in February 2026. From this amount, ₦77.302bn was deducted as the cost of collection, while ₦259.078 billion was allocated for transfers, refunds and savings. Further details showed that gross statutory revenue dropped to ₦1.561 trillion in February, representing a decline of ₦395.138 billion, when compared with the ₦1.957 trillion recorded in January 2026.
Similarly, VAT revenue fell sharply to N668.450bn, down from N1.083 trillion in January, marking a decrease of ₦414.710bn. From the ₦1.894 trillion shared among the three-tiers of government, the Federal Government received ₦675.088bn; State governments received ₦651.525bn; Local government councils received ₦456.467bn.
In addition, ₦110.949 billion, representing 13% derivation revenue from mineral resources, was distributed among eligible oil-producing states.
A breakdown of the ₦1.274 trillion statutory revenue allocation showed that the Federal Government received ₦613.174 billion; State governments got ₦311.010 billion and Local government councils received ₦239.776bn. ₦110.949bn was allocated as derivation revenue to benefiting states.
From the ₦619.119bn VAT revenue, the distribution was as follows: Federal Government – ₦61.912bn; State governments – ₦340.515bn; Local government councils – ₦216.692 billion.
The communiqué also indicated that revenues from oil and gas royalties and excise duties recorded notable increases in February.
However, collections from Petroleum Profit Tax, Hydrocarbon Tax, Companies Income Tax, Capital Gains Tax, Stamp Duties and VAT declined during the period. Meanwhile, import duty and Common External Tariff receipts recorded slight increases
