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 sharing took place during the March 2026 FAAC meeting held in Abuja, with details contained in 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 distributable revenue comprised ₦1.274 trillion from statutory revenue and ₦619.119 billion from Value Added Tax (VAT).
FAAC disclosed that the total gross revenue generated in February 2026 stood at ₦2.230 trillion before deductions. From this amount, ₦77.302 billion was deducted as the cost of revenue collection, while ₦259.078 billion was allocated for transfers, refunds and savings. The remaining balance was then shared among the three tiers of government.
The report also revealed that gross statutory revenue for February stood at ₦1.561 trillion, representing a decline from the ₦1.957 trillion recorded in January 2026, a drop of ₦395.138 billion.
Similarly, gross VAT revenue decreased to ₦668.450 billion in February, compared to ₦1.083 trillion in January, indicating a decline of ₦414.710 billion.
From the ₦1.894 trillion distributable revenue, the Federal Government received ₦675.088 billion, while the 36 states shared ₦651.525 billion. The 774 local government councils received ₦456.467 billion.
Additionally, ₦110.949 billion, representing 13 per cent derivation revenue from mineral resources, was allocated to 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 received ₦239.776 billion, while oil-producing states got ₦110.949 billion as derivation revenue.
From the ₦619.119 billion VAT revenue, the Federal Government received ₦61.912 billion, the states received ₦340.515 billion, and local government councils received ₦216.692 billion.
The communiqué further highlighted the performance of major revenue sources for the period. Oil and gas royalties as well as excise duties recorded noticeable increases, while Petroleum Profit Tax, Hydrocarbon Tax, Companies Income Tax, Capital Gains Tax, Stamp Duties and VAT revenues recorded significant declines.
However, import duty and the Common External Tariff recorded slight improvements during the month.
FAAC meets monthly to distribute revenue accrued to the Federation Account among the Federal Government, state governments and local government councils in accordance with Nigeria’s revenue-sharing formula.