The Federation Account Allocation Committee (FAAC) has shared a total of ₦1.894 trillion as revenue allocation for February 2026 among the Federal Government, the 36 state governments and the 774 local government councils.
The sharing was finalised during the March 2026 FAAC meeting held in Abuja on Friday. This was disclosed in a communiqué issued at the end of the meeting and signed by the Director of Press and Public Relations, Bawa Mokwa.
According to the communiqué, the ₦1.894 trillion distributable revenue consisted of ₦1.274 trillion generated from statutory revenue and ₦619.119 billion from Value Added Tax (VAT).
The statement further explained that the total gross revenue available for February 2026 amounted to ₦2.230 trillion before deductions were made.
From this amount, ₦77.302 billion was removed as the cost of collection, while ₦259.078 billion was earmarked for transfers, refunds and savings. The remaining balance was then distributed among the three tiers of government.
The report showed that gross statutory revenue recorded in February 2026 stood at ₦1.561 trillion, lower than the ₦1.957 trillion realised in January 2026, indicating a drop of ₦395.138 billion.
In the same vein, gross VAT revenue for February was ₦668.450 billion, compared to ₦1.083 trillion recorded in January, representing a decline of ₦414.710 billion.
Out of the total distributable revenue of ₦1.894 trillion, the Federal Government received ₦675.088 billion, the state governments got ₦651.525 billion, while the 774 local government councils shared ₦456.467 billion.
Additionally, oil-producing states received ₦110.949 billion, representing 13 per cent derivation revenue from mineral resources.
A further breakdown of the ₦1.274 trillion statutory revenue indicated that the Federal Government received ₦613.174 billion, the state governments obtained ₦311.010 billion and the local government councils received ₦239.776 billion.
Oil-producing states also received ₦110.949 billion as derivation revenue from the statutory component.
From the ₦619.119 billion realised from VAT, the Federal Government received ₦61.912 billion, the state governments got ₦340.515 billion, while the local government councils shared ₦216.692 billion.
The FAAC communiqué also revealed that oil and gas royalty as well as excise duty recorded notable increases within the period.
However, revenues generated from Petroleum Profit Tax, Hydrocarbon Tax, Companies Income Tax, Capital Gains Tax, Stamp Duties and Value Added Tax experienced significant declines.
Meanwhile, import duty and the Common External Tariff posted slight increases during the month under review.
FAAC holds monthly meetings to distribute revenue accruing to the Federation Account among the Federal Government, states and local government councils in line with Nigeria’s revenue-sharing formula.
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