The Federal Government, state governments and local government councils shared a total of N1.894 trillion from the Federation Account as revenue generated in February 2026.
The distribution was approved during the March 2026 meeting of the Federation Account Allocation Committee (FAAC) held in Abuja.
In a statement issued by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation, the total distributable revenue consisted of N1.274 trillion in statutory revenue and N619.119 billion from Value Added Tax (VAT).
According to the communiqué released after the meeting, gross revenue of N2.230 trillion was available for the month. However, N77.302 billion was deducted for cost of collection, while N259.078 billion was allocated for transfers, refunds and savings, leaving the distributable amount at N1.894 trillion.
The communiqué further disclosed that gross statutory revenue for February stood at N1.561 trillion, representing a decline of N395.138 billion compared to the N1.957 trillion recorded in January 2026.
Similarly, gross VAT revenue dropped to N668.450 billion in February, lower than the N1.083 trillion generated in January, reflecting a decrease of N414.710 billion.
From the total distributable revenue, the Federal Government received N675.088 billion, while state governments received N651.525 billion.
Local government councils were allocated N456.467 billion, while N110.949 billion, representing 13 per cent of mineral revenue, was distributed to oil-producing states as derivation revenue.
A breakdown of the N1.274 trillion statutory revenue showed that the Federal Government received N613.174 billion, states received N311.010 billion, and local governments got N239.776 billion, while N110.949 billion was paid to benefiting states as derivation.
From the N619.119 billion VAT revenue, the Federal Government received N61.912 billion, states received N340.515 billion, and local governments were allocated N216.692 billion.
The FAAC communiqué also noted that Oil and Gas Royalty and Excise Duty recorded significant increases during the month, while revenues from Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duty (SDT), and VAT declined.
However, Import Duty and Common External Tariff (CET) posted marginal increases.
