The Federation Account Allocation Committee (FAAC) has allocated N1.894 trillion from the February 2026 Federation Account earnings to the federal government, state governments, and local government councils.
This was announced in a communiqué issued on Friday and signed by Bawa Mokwa, spokeswoman for the Office of the Accountant-General of the Federation.
According to the announcement, the revenue was distributed at the March 2026 FAAC meeting in Abuja.
The N1.894 trillion total distributable revenue included N1.274 trillion in distributable statutory revenue and N619.119 billion in value-added tax (VAT).
The communiqué further stated that the total gross revenue of N2.230 trillion will be available in February 2026. N77.302 billion was removed as collecting costs, leaving N259.078 billion for transfers, refunds, and savings.
The FAAC reported that gross statutory income of N1.561 trillion was received in February 2026. This was a decrease of N395.138 billion from the N1.957 trillion recorded the previous month.
Similarly, N668.450 billion was generated from value-added tax in February, which was N414.710 billion less than N1.083 trillion in January 2026.
The federal government received N675.088 billion of the N1.894 trillion in distributable revenue, while state governments received N651.525 billion.
Local government councils received N456.467 billion, while N110.949 billion, or 13% of mineral earnings, was awarded to oil-producing states as derivation money.
A breakdown of the N1.274 trillion distributable statutory revenue revealed that the federal government received N613.174 billion, states received N311.010 billion, and local government councils received N239.776 billion. The N110.949 billion in derivation revenue was also disbursed to the beneficiary states.
The federal government collected N61.912 billion in VAT revenue, while states received N340.515 billion and local government councils received N216.692 billion.
The communiqué further stated that oil and gas royalty and excise duty increased significantly throughout the time, although petroleum profit tax (PPT), hydrocarbon tax (HT), corporations’ income tax (CIT), capital gains tax (CGT), stamp duties (SDT), and value added tax (VAT) decreased significantly.
It also observed that import duties and the Common External Tariff (CET) rose little during the month.