ABUJA, Nigeria (VOICE OF NAIJA)-The Federation Account Allocation Committee (FAAC) has distributed a total of N1.894tn as revenue for February 2026 among the Federal Government, the 36 state governments, and the 774 local government councils nationwide.
The allocation was made during the March 2026 FAAC meeting held in Abuja.
Details of the sharing were contained in a communiqué issued at the end of the meeting and signed by the Director of Press and Public Relations, Bawa Mokwa, on Friday.
According to the communiqué, the N1.894tn distributable revenue consisted of N1.274tn from statutory revenue and N619.119bn from Value Added Tax (VAT).
The committee stated that the total gross revenue available for February 2026 was N2.230tn before deductions were made.
From this figure, N77.302bn was deducted as the cost of collection, while N259.078bn was earmarked for transfers, refunds, and savings. The remaining balance was then distributed among the three tiers of government.
The communiqué further revealed that the gross statutory revenue for February 2026 stood at N1.561tn, lower than the N1.957tn recorded in January 2026, reflecting a decline of N395.138bn.
It also showed that gross VAT revenue amounted to N668.450bn in February, compared with N1.083tn in January, representing a drop of N414.710bn.
Out of the N1.894tn total distributable revenue, the Federal Government received N675.088bn, while the 36 state governments shared N651.525bn, and the 774 local government councils received N456.467bn.
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Additionally, N110.949bn, representing 13 per cent derivation revenue from mineral resources, was allocated to oil-producing states.
A breakdown of the N1.274tn statutory revenue indicated that the Federal Government received N613.174bn, the state governments got N311.010bn, and the local government councils received N239.776bn.
The oil-producing states also obtained N110.949bn as derivation revenue from this portion.
From the N619.119bn VAT revenue, the Federal Government received N61.912bn, while the state governments received N340.515bn, and the local government councils shared N216.692bn.
The FAAC communiqué also provided an overview of the performance of major revenue sources during the period under review.
According to the report, oil and gas royalties as well as excise duty recorded noticeable increases during the month.
However, revenues from Petroleum Profit Tax, Hydrocarbon Tax, Companies Income Tax, Capital Gains Tax, Stamp Duties, and VAT recorded significant declines.
The committee also noted that import duty and the Common External Tariff recorded slight increases during the month.
FAAC holds monthly meetings to distribute revenue generated into the Federation Account among the Federal Government, state governments, and local government councils in accordance with Nigeria’s revenue-sharing formula.