FAAC: FG, States, LGs shares N1.89trn February revenue

The Federation Account Allocation Committee (FAAC) has distributed a total of N1.894 trillion as revenue for February 2026 to the Federal Government, the 36 state governments and the 774 local government councils.

The allocation was approved during the committee’s March 2026 meeting held in Abuja, according to a communiqué issued at the end of the session and signed by the Director of Press and Public Relations, Bawa Mokwa.

The committee stated that the distributable revenue consisted of N1.274 trillion generated 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 before statutory deductions were made.

From the amount, N77.302 billion was deducted as cost of collection, while N259.078 billion was earmarked for transfers, refunds and savings. The remaining N1.894 trillion was then shared among the three tiers of government.

A breakdown of the allocation showed that the Federal Government received N675.088 billion, while the state governments shared N651.525 billion. The 774 local government councils received N456.467 billion.

Oil-producing states also received N110.949 billion as 13 per cent derivation revenue from mineral resources.

Further details in the communiqué indicated that the gross statutory revenue for February was N1.561 trillion, representing a decline from the N1.957 trillion recorded in January. This reflects a drop of N395.138 billion during the period.

Similarly, gross VAT revenue for February stood at N668.450 billion, lower than the N1.083 trillion recorded in January, indicating a decrease of N414.710 billion.

From the N1.274 trillion statutory revenue shared, the Federal Government received N613.174 billion, while the state governments got N311.010 billion and local government councils received N239.776 billion.

Oil-producing states were also allocated N110.949 billion from the statutory revenue as derivation proceeds.

From the N619.119 billion VAT pool, the Federal Government received N61.912 billion, state governments received N340.515 billion, while local governments shared N216.692 billion.

The committee noted that oil and gas royalties as well as excise duties recorded increases during the period under review.

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

It also reported slight increases in import duty and the Common External Tariff.

The Federation Account Allocation Committee meets monthly to share revenues generated into the Federation Account among the Federal Government, states and local government councils in line with Nigeria’s revenue-sharing formula.