The Federation Account Allocation Committee (FAAC) has distributed a total of ₦1.894 trillion as Federation Account revenue for February 2026 among the Federal Government, states, and local government councils.
This was disclosed in a statement on Friday by Bawa Mokwa, Director of Press and Public Relations in the Office of the Accountant-General of the Federation.
The revenue was shared during the March 2026 FAAC meeting in Abuja. Of the ₦1.894 trillion distributable revenue, ₦1.274 trillion came from distributable statutory revenue, while ₦619.119 billion came from Value Added Tax (VAT).
According to the communiqué, total gross revenue in February 2026 amounted to ₦2.230 trillion, from which ₦77.302 billion was deducted as cost of collection, and ₦259.078 billion accounted for transfers, refunds, and savings.
Gross statutory revenue totaled ₦1.561 trillion, down ₦395.138 billion from January’s ₦1.957 trillion. Similarly, gross VAT revenue stood at ₦668.450 billion, ₦414.710 billion lower than the ₦1.083 trillion recorded in January.
From the distributable ₦1.894 trillion, the Federal Government received ₦675.088 billion, state governments received ₦651.525 billion, local government councils received ₦456.467 billion, while ₦110.949 billion, representing 13% derivation revenue from mineral resources, was shared among eligible states.
A detailed breakdown of the ₦1.274 trillion statutory revenue showed that the Federal Government received ₦613.174 billion, the states received ₦311.010 billion, and local government councils received ₦239.776 billion, with the ₦110.949 billion derivation revenue distributed to eligible states.
From the ₦619.119 billion VAT revenue, the Federal Government received ₦61.912 billion, state governments received ₦340.515 billion, and local government councils received ₦216.692 billion.
The communiqué also noted that oil and gas royalty and excise duties recorded significant increases, while revenues from Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SDT), and VAT declined substantially. Import duties and Common External Tariff (CET) receipts increased marginally during the period.
