FAAC distributes N1.894trn February revenue to FG, states, LGs

The Federation Account Allocation Committee (FAAC) has shared a total sum of N1.894 trillion as revenue generated in February 2026 among the Federal Government, state governments and the 774 local government councils.

This was disclosed in a statement issued on Friday by the Director of Press and Public Relations in the Office of the Accountant-General of the Federation, Bawa Mokwa, following the FAAC meeting held in Abuja in March 2026.

According to the statement, the distributable revenue comprised N1.274 trillion from statutory revenue and N619.119 billion from Value Added Tax (VAT).

The communiqué revealed that the total gross revenue available in February 2026 stood at N2.230 trillion. From this amount, N77.302 billion was deducted as cost of collection, while N259.078 billion was set aside for transfers, refunds and savings.

Further analysis showed that gross statutory revenue for February was 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, down from N1.083 trillion in January, reflecting a decrease of N414.710 billion.

Out of the N1.894 trillion distributed, the Federal Government received N675.088 billion, state governments got N651.525 billion, while local government councils received N456.467 billion.

In addition, N110.949 billion representing 13 per cent derivation revenue from mineral resources was shared among eligible oil-producing states.

A breakdown of the N1.274 trillion statutory revenue showed that the Federal Government received N613.174 billion, states got N311.010 billion, and local governments received N239.776 billion, while N110.949 billion was allocated as derivation revenue to benefiting states.

From the N619.119 billion VAT revenue, the Federal Government received N61.912 billion, states received N340.515 billion, and local governments got N216.692 billion.

The communiqué also noted that revenue from oil and gas royalty as well as excise duty recorded notable increases during the period.

However, collections from Petroleum Profit Tax, Hydrocarbon Tax, Companies Income Tax, Capital Gains Tax, Stamp Duties and VAT declined, while import duty and Common External Tariff revenues recorded marginal growth.