The Federation Account Allocation Committee (FAAC) has shared a total of N1.89 trillion among the federal government, the 36 states, and the 774 local government councils for February.
The revenue distribution took place during the March 2026 FAAC meeting in Abuja on Friday. Wale Edun, minister of finance and coordinating minister of the economy, presided over the meeting.
Details released by the ministry of finance showed that the total gross revenue available for February stood at N2.23 trillion before statutory deductions.
From the N1.89 trillion distributable revenue, the federal government received N675.08 billion. The states got N651.52 billion, while the local government councils shared N456.46 billion. Oil-producing states received N110.94 billion as 13 percent derivation from mineral resources.
The committee stated that N77.30 billion was removed from the gross revenue as cost of collection. Another N259.07 billion went for transfers, intervention, and refunds.
The communiqué also indicated that revenue from value-added tax (VAT) declined in February. The total VAT revenue stood at N668.45 billion. The figure is lower than the N1.08 trillion recorded in January. The difference represents a drop of N414.71 billion.
From the VAT earnings, N26.73 billion went to the cost of collection, while N22.59 billion was used for transfers, intervention, and refunds. The remaining N619.11 billion was then shared by the three tiers of government.
Out of this amount, the federal government received N61.91 billion. The states obtained N340.51 billion, while the local government councils got N216.69 billion.
The committee also reported that gross statutory revenue for February stood at N1.56 trillion. This amount is lower than the N1.95 trillion recorded in January. The drop represents a decline of N395.13 billion.
From the statutory revenue, N50.56 billion went for the cost of collection. Another N236.48 billion was set aside for transfers, intervention, and refunds.
The balance of N1.27 trillion was shared among the three tiers of government. The federal government received N613.17 billion. The states got N311.01 billion, while local government councils received N239.77 billion. Oil-producing states were allocated N110.94 billion as derivation revenue.
FAAC also reported that oil and gas royalty, as well as excise duty, recorded noticeable increases during the month.
However, the committee said revenue from petroleum profit tax, hydrocarbon tax, companies’ income tax, capital gains tax, stamp duties, and VAT declined significantly.
Import duty and the common external tariff posted slight increases within the same period, according to the committee.
