FG, states, LGs receive ₦1.894trn February allocation from FAAC

The Federation Account Allocation Committee (FAAC) has distributed a total of ₦1.894 trillion as revenue for February 2026 to the Federal Government, the 36 state governments and the 774 local government councils across the country.

The distribution was made at the March 2026 FAAC meeting held in Abuja on Friday, according to a communiqué issued at the end of the meeting and signed by the Director of Press and Public Relations, Bawa Mokwa.

The communiqué stated that the ₦1.894 trillion distributable revenue comprised ₦1.274 trillion from statutory revenue and ₦619.119 billion from Value Added Tax (VAT).

It added that the total gross revenue available in February 2026 stood at ₦2.230 trillion before deductions.

From the 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 shared among the three tiers of government.

The report indicated that gross statutory revenue for February 2026 was ₦1.561 trillion, which was lower than the ₦1.957 trillion recorded in January 2026, representing a decline of ₦395.138 billion.

Similarly, gross VAT revenue stood at ₦668.450 billion in February, compared with ₦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 received ₦675.088 billion, the state governments shared ₦651.525 billion, while 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 the statutory revenue component.

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

The FAAC communiqué also noted that 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.

Import duty and the Common External Tariff recorded slight increases during the month under review.

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.