FAAC shares N1.894tn February revenue among FG, states, LGs

The Federation Account Allocation Committee (FAAC) has disbursed N1.894 trillion as revenue for February 2026 to the federal government, state governments and local government councils.

 

This was disclosed in a communiqué issued after the March 2026 FAAC meeting in Abuja, and signed by the spokesperson of the Office of the Accountant-General of the Federation, Bawa Mokwa.

 

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

 

FAAC said the total gross revenue available in February 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.

 

Of the N1.894 trillion distributed, the federal government received N675.088 billion, while state governments received N651.525 billion.

 

Local government councils received N456.467 billion, while N110.949 billion, representing 13 per cent derivation revenue, was allocated to oil-producing states.

 

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 government councils received N239.776 billion.

 

From the N619.119 billion VAT revenue, the federal government received N61.912 billion, states received N340.515 billion, while local government councils received N216.692 billion.

 

FAAC noted that gross statutory revenue for February was N1.561 trillion, representing a drop of N395.138 billion compared to the N1.957 trillion recorded in January 2026.

 

Similarly, VAT collections stood at N668.450 billion, which was N414.710 billion lower than the N1.083 trillion generated in January.

 

According to the committee, oil and gas royalty and excise duty recorded significant increases, while revenues from petroleum profit tax, hydrocarbon tax, companies’ income tax, capital gains tax, stamp duties and VAT declined during the period.

 

It added that import duty and the Common External Tariff (CET) recorded marginal increases during the month.