The Federation Account Allocation Committee (FAAC) has shared a total of ₦1.894 trillion as revenue for February 2026 among the Federal Government, state governments and the 774 local government councils across the country.

The revenue was distributed during the March 2026 FAAC meeting held in Abuja. Details of the distribution were contained in a communiqué issued at the end of the meeting and signed by the Director of Press and Public Relations, Bawa Mokwa.

According to the communiqué, the ₦1.894 trillion distributable revenue comprised ₦1.274 trillion from statutory revenue and ₦619.119 billion from Value Added Tax (VAT).

The committee said the total gross revenue available in February 2026 stood at ₦2.230 trillion before deductions were made.

From this amount, ₦77.302 billion was deducted as cost of collection, while ₦259.078 billion was set aside for transfers, refunds and savings, leaving the balance that was eventually shared among the three tiers of government.

The communiqué stated that the gross statutory revenue for February 2026 was ₦1.561 trillion, which represented a drop when compared with the ₦1.957 trillion recorded in January 2026. This means statutory revenue declined by ₦395.138 billion within the period.

The report also showed that gross VAT revenue stood at ₦668.450 billion in February, which was also lower than the ₦1.083 trillion recorded in January, indicating a decline of ₦414.710 billion.

From the ₦1.894 trillion total distributable revenue, the Federal Government received ₦675.088 billion, while the 36 state governments 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 shared among 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 got ₦239.776 billion.

The oil-producing states also received ₦110.949 billion as derivation revenue from this component.

From the ₦619.119 billion VAT revenue, the Federal Government received ₦61.912 billion, while the state governments received ₦340.515 billion. Local government councils shared ₦216.692 billion from the VAT proceeds.

The FAAC communiqué also provided insight into the performance of major revenue sources during the month under review.

According to the report, oil and gas royalty as well as excise duty recorded notable increases during the period.

However, revenues from Petroleum Profit Tax, Hydrocarbon Tax, Companies Income Tax, Capital Gains Tax, Stamp Duties and Value Added Tax recorded significant declines.

The committee also noted that import duty and the Common External Tariff recorded slight increases during the month.

FAAC meets monthly to distribute revenue generated into the Federation Account among the Federal Government, state governments and local government councils in line with Nigeria’s revenue-sharing formula.

(The Nation)

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