The Federation Account Allocation Committee (FAAC) says it distributed N1.89 trillion as revenue for February among the federal government, states, and local government councils.
The allocation was announced after the committee’s March 2026 meeting held in Abuja on Friday. The meeting was chaired by Mr. Wale Edun, minister of finance and coordinating minister of the economy.
In a statement issued by the ministry, FAAC said the total gross revenue available for the month stood at N2.23 trillion before deductions.
From the N1.89 trillion distributable revenue, the federal government received N675.08 billion, states were allocated N651.52 billion, while local government councils got N456.46 billion. Oil-producing states received N110.94 billion as 13 percent derivation revenue from mineral resources.
The communiqué also stated that N77.30 billion was deducted as cost of collection, while N259.07 billion was set aside for transfers, intervention and refunds.
FAAC further disclosed that gross revenue from value-added tax (VAT) in February stood at N668.45 billion, representing a drop from the N1.08 trillion recorded in January — a decline of N414.71 billion.
From the VAT revenue, N26.73 billion was used as cost of collection, while N22.59 billion went to transfers, intervention and refunds. The remaining N619.11 billion was shared among the three tiers of government, with the federal government receiving N61.91 billion, states N340.51 billion, and local governments N216.69 billion.
According to the communiqué, the gross statutory revenue generated in February was N1.56 trillion, which was lower than the N1.95 trillion recorded in January — reflecting a decline of N395.13 billion.
Out of the statutory revenue, N50.56 billion was deducted for cost of collection, while N236.48 billion was allocated for transfers, intervention and refunds.
From the remaining N1.27 trillion, the federal government received N613.17 billion, states got N311.01 billion, and local governments were allocated N239.77 billion. Oil-producing states received N110.94 billion as derivation revenue representing 13 percent of mineral earnings.
The committee noted that oil and gas royalties as well as excise duties recorded notable increases during the period.
However, revenues from petroleum profit tax, hydrocarbon tax, companies’ income tax, capital gains tax, stamp duties and VAT declined significantly.
It added that import duties and the common external tariff recorded slight increases during the month.
