The Federation Account Allocation Committee (FAAC) has shared a total of ₦1.894 trillion as revenue for February 2026 among the federal, state and local governments.
The revenue was distributed during the committee’s March 2026 meeting held in Abuja. Details of the allocation 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 distributable revenue of ₦1.894 trillion comprised ₦1.274 trillion from statutory revenue and ₦619.119 billion from Value Added Tax (VAT).
The committee disclosed that 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 distributed among the three tiers of government.
The communiqué noted that gross statutory revenue for February stood at ₦1.561 trillion, representing a decline compared with the ₦1.957 trillion recorded in January 2026—a drop of ₦395.138 billion.
Similarly, gross VAT revenue fell to ₦668.450 billion in February from ₦1.083 trillion recorded in January, indicating a decline of ₦414.710 billion.
From the total distributable revenue of ₦1.894 trillion, the Federal Government of Nigeria 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 allocated to oil-producing states.
A breakdown of the ₦1.274 trillion statutory revenue showed that the federal government received ₦613.174 billion, the states received ₦311.010 billion, while the local government councils received ₦239.776 billion.
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, the state governments received ₦340.515 billion, while the local government councils shared ₦216.692 billion.
The communiqué further highlighted the performance of key revenue sources during the period.
According to the report, oil and gas royalties as well as excise duties recorded notable increases in February.
However, revenues from Petroleum Profit Tax, Hydrocarbon Tax, Companies Income Tax, Capital Gains Tax, Stamp Duties and VAT recorded significant declines during the period.
The committee also noted that import duty and the Common External Tariff posted slight increases.
FAAC meets monthly to distribute revenue accrued to the Federation Account among the federal, state and local governments in accordance with Nigeria’s revenue-sharing formula.
