FAAC shares N1.894trn to FG, states, LGAs in February

A total of N1.894 trillion, representing the February 2026 Federation Account revenue, has been shared among the Federal Government, state governments and local government councils.

The revenue was distributed at the March 2026 meeting of the Federation Account Allocation Committee (FAAC) held in Abuja.

The N1.894 trillion total distributable revenue comprised N1.274 trillion in distributable statutory revenue and N619.119 billion in distributable Value Added Tax (VAT) revenue.

A communiqué issued after the meeting indicated that total gross revenue of N2.230 trillion was available in February 2026. From this amount, N77.302 billion was deducted as the cost of collection, while N259.078 billion was allocated for transfers, refunds and savings.

According to the communiqué, gross statutory revenue of N1.561 trillion was recorded in February 2026, representing a decline of N395.138 billion compared to the N1.957 trillion received in the previous month.

Similarly, gross VAT revenue of N668.450 billion was recorded in February, which was N414.710 billion lower than the N1.083 trillion generated in January 2026.

From the N1.894 trillion distributable revenue, the Federal Government received N675.088 billion, while state governments received N651.525 billion.

The 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.

From the N1.274 trillion distributable statutory revenue, the Federal Government received N613.174 billion, state governments received N311.010 billion, and the local government councils received N239.776 billion. The oil-producing states also received N110.949 billion as derivation.

From the N619.119 billion distributable VAT revenue, the Federal Government received N61.912 billion, state governments received N340.515 billion, while local government councils received N216.692 billion.

The communiqué further revealed that Oil and Gas Royalty and Excise Duty recorded significant increases in February, 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.

Meanwhile, Import Duty and the Common External Tariff (CET) recorded marginal increases during the period.