By Our Reporter
The Federation Account Allocation Committee (FAAC) has distributed a total of ₦1.894 trillion as revenue for February 2026 to the Federal Government, the 36 state governments and the 774 local government councils.
The revenue sharing was announced at the March 2026 FAAC meeting held in Abuja, according to a communiqué issued at the end of the meeting and signed by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa.
The communiqué stated that the distributable revenue comprised ₦1.274 trillion from statutory revenue and ₦619.119 billion from Value Added Tax (VAT).
FAAC disclosed that the total gross revenue generated in February 2026 was ₦2.230 trillion before deductions. From this amount, ₦77.302 billion was deducted as the cost of collection, while ₦259.078 billion was earmarked for transfers, refunds and savings, leaving the balance that was shared among the three tiers of government.
Further details showed that gross statutory revenue for February stood at ₦1.561 trillion, representing a decline of ₦395.138 billion compared to the ₦1.957 trillion recorded in January 2026.
Similarly, gross VAT revenue dropped to ₦668.450 billion in February, down from ₦1.083 trillion in January, indicating a decline of ₦414.710 billion.
From the ₦1.894 trillion distributable revenue, the Federal Government received ₦675.088 billion, while the 36 states shared ₦651.525 billion. The 774 local government councils received ₦456.467 billion.
In addition, ₦110.949 billion, representing 13 per cent derivation revenue from mineral resources, was allocated to oil-producing states.
A breakdown of the ₦1.274 trillion statutory revenue showed that the Federal Government received ₦613.174 billion, the state governments received ₦311.010 billion, and the local government councils received ₦239.776 billion, while oil-producing states shared ₦110.949 billion as derivation revenue.
From the ₦619.119 billion VAT revenue, the Federal Government received ₦61.912 billion, the state governments received ₦340.515 billion, and the local government councils received ₦216.692 billion.
The FAAC report also noted that oil and gas royalties and excise duties recorded increases during the month. However, Petroleum Profit Tax, Hydrocarbon Tax, Companies Income Tax, Capital Gains Tax, Stamp Duties and VAT collections declined.
Meanwhile, import duty and the Common External Tariff recorded slight increases during the period.
FAAC meets monthly to distribute revenue generated in the Federation Account among the three tiers of government in line with Nigeria’s revenue-sharing formula.