The Federation Account Allocation Committee (FAAC) has distributed a total of N1.894 trillion from the February 2026 Federation Account revenue among the federal, state and local governments.
The development was announced in a communiqué issued on Friday after the March 2026 FAAC meeting held in Abuja. The statement was signed by Bawa Mokwa, spokesperson for the Office of the Accountant-General of the Federation.
According to the communiqué, the distributable amount consisted of N1.274 trillion in statutory revenue and N619.119 billion generated from value-added tax (VAT).
FAAC also disclosed that the total gross revenue available for February 2026 stood at N2.230 trillion. From this figure, N77.302 billion was deducted as the cost of collection, while N259.078 billion was earmarked for transfers, refunds and savings.
The committee reported that gross statutory revenue for the month was N1.561 trillion, representing a decline of N395.138 billion compared with the N1.957 trillion recorded in January 2026.
Similarly, VAT collections dropped significantly to N668.450 billion in February, which was N414.710 billion lower than the N1.083 trillion generated in the previous month.
From the total distributable revenue of N1.894 trillion, the federal government received N675.088 billion, while state governments got N651.525 billion. Local government councils also received their share as part of the allocation.
FAAC further noted that oil and gas royalty and excise duty recorded notable increases during the period. However, petroleum profit tax (PPT), hydrocarbon tax (HT), companies’ income tax (CIT), capital gains tax (CGT), stamp duties (SDT) and VAT experienced significant declines.
The communiqué also stated that import duty and revenue from the Common External Tariff (CET) showed slight increases during the month.
