The Federation Account Allocation Committee has shared a total of N1.894 trillion as Federation Account revenue for February 2026 among the Federal Government, state governments and local government councils.
The development was confirmed in a statement issued on Friday by the Director of Press and Public Relations in the Office of the Accountant-General of the Federation, Bawa Mokwa.
Mokwa explained that the allocation was approved during the FAAC meeting held in Abuja for March 2026.
He said, “A total sum of N1.894 trillion was distributed to the three tiers of government as Federation Account revenue for the month of February 2026.”
According to the statement, the distributable revenue comprised N1.274 trillion from statutory revenue and N619.119 billion from Value Added Tax (VAT).
The communiqué further indicated that the total gross revenue available for the month stood at N2.230 trillion.
Mokwa stated, “From the gross revenue, N77.302 billion was deducted as cost of collection, while N259.078 billion was recorded as transfers, refunds and savings.”
Providing a breakdown of the allocation, the statement noted that the Federal Government received N675.088 billion, state governments got N651.525 billion, while local government councils received N456.467 billion.
In addition, N110.949 billion representing 13 per cent derivation revenue from mineral resources was shared among eligible oil-producing states.
A further breakdown showed that from the N1.274 trillion statutory revenue, the Federal Government received N613.174 billion, the states received N311.010 billion, while local governments got N239.776 billion.
From the N619.119 billion VAT revenue, the Federal Government received N61.912 billion, the states got N340.515 billion, and local government councils received N216.692 billion.
The statement also revealed that statutory revenue declined in February compared to the previous month.
“Gross statutory revenue for February was N1.561 trillion, representing a decrease of N395.138 billion compared to N1.957 trillion recorded in January 2026,” Mokwa said.
He added that VAT revenue also dropped significantly, falling to N668.450 billion in February from N1.083 trillion recorded in January, indicating a decline of N414.710 billion.
Despite the drop in some revenue streams, Mokwa noted that receipts from oil and gas royalties and excise duties recorded notable increases during the month.
However, he said collections from Petroleum Profit Tax, Hydrocarbon Tax, Companies Income Tax, Capital Gains Tax, Stamp Duties and VAT declined, while import duty and Common External Tariff revenues recorded slight increases.
