Nigeria’s revenue-sharing body has distributed N1.894 trillion to the three tiers of government as Federation Account revenue for February 2026.
The allocation was announced after the monthly meeting of the Federation Account Allocation Committee (FAAC) held in Abuja, according to a statement issued by Bawa Mokwa, Director of Press and Public Relations in the Office of the Accountant-General of the Federation.
According to the statement, the distributable revenue comprised N1.274 trillion from statutory revenue and N619.119 billion from Value Added Tax (VAT).
Overall, a total gross revenue of N2.230 trillion was recorded in February 2026. From this amount, N77.302 billion was deducted as the cost of revenue collection, while N259.078 billion was set aside for transfers, refunds and savings before the final distribution.
The communiqué issued at the end of the meeting revealed that gross statutory revenue for February stood at N1.561 trillion, representing a decline of N395.138 billion compared with the N1.957 trillion recorded in January 2026.
Similarly, gross VAT revenue dropped sharply to N668.450 billion in February from N1.083 trillion in January, reflecting a decrease of N414.710 billion.
Out of the N1.894 trillion shared among the three tiers of government, the Federal Government received N675.088 billion, while the 36 state governments collectively received N651.525 billion.
Local government councils were allocated N456.467 billion, while N110.949 billion, representing the statutory 13 per cent derivation revenue from mineral resources, was distributed among eligible oil-producing states.
A breakdown of the statutory revenue component showed that the Federal Government received N613.174 billion, state governments received N311.010 billion, and local government councils received N239.776 billion. The derivation fund of N110.949 billion was also allocated to benefiting states.
From the N619.119 billion generated through VAT, the Federal Government received N61.912 billion, state governments received N340.515 billion, while local governments were allocated N216.692 billion.
The committee noted that while revenues from oil and gas royalties and excise duties recorded notable increases during the period, several key revenue streams experienced significant declines.
These included Petroleum Profit Tax, Hydrocarbon Tax, Companies Income Tax, Capital Gains Tax, Stamp Duties and VAT.
However, receipts from import duty and the Common External Tariff posted marginal increases during the month under review.
