The Federal Government, States and the 774 Local Government Councils have received a total sum of N1.894 trillion from the Federation Account Allocation Committee (FAAC) as their February 2026 Federation Account revenue
Rising from its March 2026 meeting held in Abuja, FAAC explained that the N1.894 trillion total distributable revenue comprised distributable statutory revenue of N1.274 trillion, and distributable Value Added Tax (VAT) revenue of N619.119 billion.
However, the Committee noted that accruals from VAT, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Companies Income Tax (CIT), Capital Gains Tax (CGT), and Stamp Duties (SDT) all dropped substantially during the month under review.
The FAAC communique indicated that total gross revenue of N2.230 trillion was available in February 2026 while total deduction for cost of collection was N77.302 billion with total transfers, refunds and savings amounting to N259.078 billion.
According to the communiqué, N1.561 trillion came in as gross statutory revenue for the month, indicating a drop by N395.138 billion from the sum of N1.957 trillion received in the preceding month.
Also, gross revenue of N668.450 billion was available from the VAT during the month and the figure was lower than the N1.083 trillion available in January 2026 by about N414.710 billion.
From the N1.894 trillion total allocation, the Federal Government got the sum of N675.088 billion; the State Governments received a total sum of N651,525 billion; the Local government Council got N456.467 billion, while benefiting States shared the sum of N110.949 billion being 13 percent of mineral derivation revenue.
The communiqué further stated that from the N1.274 trillion splittable statutory revenue, the Federal Government received N613.174 billion; the State Governments got N311,010 billion; the Local Government Councils went home with N239.776 billion with the sum of N110.949 billion as 13 percent mineral derivation revenue shared among the benefiting States.
Also, from the N619.119 billion shareable VAT revenue, the Federal Government got N61.912 billion, the State Governments bagged N340.515 billion while N216.692 billion was kept by the Local Government Councils
Meanwhile, a statement by Bawa Mokwa, Director (Press and Public Relations), Office of the Accountants General of the Federation (OAGF), said in February 2026, Oil and Gas Royalty and Excise Duty increased significantly while Import Duty and Common External Tariff (CET) also posted marginal increases during the period.
