The Federation Account Allocation Committee (FAAC) has disbursed a total of N1.894 trillion from the February 2026 Federation Account revenue to the federal government, state governments and local government councils.
This was disclosed in a communiqué issued on Friday and signed by the spokesperson of the Office of the Accountant-General of the Federation, Bawa Mokwa.
According to the statement, the revenue was shared during the March 2026 FAAC meeting held in Abuja.
The N1.894 trillion total distributable revenue comprised N1.274 trillion as distributable statutory revenue and N619.119 billion from value-added tax (VAT).
The communiqué further indicated that total gross revenue of N2.230 trillion would be available in February 2026. From this amount, N77.302 billion was deducted as cost of collection, while N259.078 billion was set aside for transfers, refunds and savings.
FAAC noted that gross statutory revenue of N1.561 trillion was received in February 2026. This represented a decline of N395.138 billion compared to the N1.957 trillion recorded in the preceding month.
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Similarly, N668.450 billion was generated from value-added tax in February, which was N414.710 billion lower than the N1.083 trillion recorded in January 2026.
From the N1.894 trillion distributable revenue, the federal government received N675.088 billion, while state governments received N651.525 billion.
Local government councils received N456.467 billion, while N110.949 billion, representing 13 per cent of mineral revenue, was allocated to oil-producing states as derivation revenue.
A breakdown of the N1.274 trillion distributable statutory revenue showed that the federal government received N613.174 billion, the states received N311.010 billion, and local government councils got N239.776 billion. The N110.949 billion derivation revenue was also distributed to benefitting states.
From the N619.119 billion VAT revenue, the federal government received N61.912 billion, states received N340.515 billion, and local government councils received N216.692 billion.
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The communiqué added that oil and gas royalty and excise duty recorded significant increases during the period, while 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.
It also noted that import duty and the Common External Tariff (CET) recorded marginal increases during the month.