FAAC shares ₦1.894trn as February revenue to FG, states, LGs

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 Nigeria.

The revenue was shared during the March 2026 FAAC meeting held in Abuja, according to 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 ₦1.894 trillion distributable revenue consisted of ₦1.274 trillion from statutory revenue and ₦619.119 billion from Value Added Tax (VAT).
The committee disclosed that the total gross revenue available in February 2026 stood at ₦2.230 trillion before deductions.

From the gross amount, ₦77.302 billion was deducted as the cost of collection, while ₦259.078 billion was set aside for transfers, refunds and savings. The remaining balance was then distributed among the three tiers of government.

The communiqué further revealed that gross statutory revenue for February 2026 was ₦1.561 trillion, representing a drop compared to the ₦1.957 trillion recorded in January 2026, indicating a decline of ₦395.138 billion.

Similarly, gross VAT revenue stood at ₦668.450 billion in February, which was also lower than the ₦1.083 trillion recorded in January, showing a decrease of ₦414.710 billion.

From the ₦1.894 trillion total distributable revenue, the Federal Government 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 distributed 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. 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, while state governments received ₦340.515 billion. The local government councils shared ₦216.692 billion from the VAT proceeds.

The communiqué also highlighted the performance of major revenue sources during the period under review. It noted that oil and gas royalty as well as excise duty recorded notable increases, while Petroleum Profit Tax, Hydrocarbon Tax, Companies Income Tax, Capital Gains Tax, Stamp Duties and VAT recorded significant declines.

However, import duty and the Common External Tariff recorded slight increases during the month.

FAAC meets monthly to distribute revenue generated into the Federation Account among the Federal Government, states and local government councils in line with Nigeria’s revenue-sharing formula.