ABUJA, NIGERIA — The Federation Account Allocation Committee (FAAC) has shared a total of ₦1.894 trillion as February 2026 revenue among the Federal Government, state governments, and local government councils.
The distribution was approved at the March 2026 FAAC meeting held in Abuja, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The total distributable revenue comprised ₦1.274 trillion from statutory revenue and ₦619.119 billion from Value Added Tax (VAT).
According to a communiqué issued by the Director of Press and Public Relations in the Office of the Accountant-General of the Federation, Bawa Mokwa, the gross revenue available in February stood at ₦2.230 trillion before deductions.
From this amount, ₦77.302 billion was deducted as cost of collection, while ₦259.078 billion was set aside for transfers, refunds, and savings.
From the total distributable amount, the Federal Government received ₦675.088 billion, state governments shared ₦651.525 billion, and local government councils received ₦456.467 billion.
Additionally, ₦110.949 billion representing 13 per cent derivation revenue from mineral resources was distributed among oil-producing states.
Breakdown of Revenue:
Statutory Revenue (₦1.274 trillion): Federal Government received ₦613.174 billion, states got ₦311.010 billion, and LGs received ₦239.776 billion.
VAT Revenue (₦619.119 billion): Federal Government received ₦61.912 billion, states got ₦340.515 billion, and LGs received ₦216.692 billion.
The FAAC communiqué revealed that gross statutory revenue for February stood at ₦1.561 trillion, a decrease of ₦395.138 billion from the ₦1.957 trillion recorded in January.
Gross VAT revenue also dropped significantly to ₦668.450 billion, representing a decline of ₦414.710 billion from the ₦1.083 trillion recorded in the previous month.
Revenue from oil and gas royalty and excise duty recorded significant increases during the month. However, receipts from Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SDT), and VAT declined substantially.
Import duty and the Common External Tariff (CET) recorded marginal increases during the period.
Disclaimer: This material and other digital content on this website maybe reproduced, published, broadcast, rewritten, or redistributed in whole or in part without the prior express written permission of CDA News Nigeria. All rights reserved. © 2026 CDA News Nigeria. | Privacy Policy | Contact Us
Privacy Policy: CDA News Nigeria is committed to protecting your privacy. We collect and use personal information solely for delivering news updates and improving your experience. Your data is never shared with third parties without explicit consent. For full details, visit our website.
Contact: For news tips, inquiries, or feedback, contact CDA News Nigeria at info@cdanews.ng or visit our headquarters in Port Harcourt, Rivers State.
