By By Elizabeth Ugbo
FAAC Distributes February Revenue
The Federation Account Allocation Committee (FAAC) shared N1.894 trillion as February 2026 revenue among the Federal Government of Nigeria, states and local government councils. The revenue was shared in March 2026 in Abuja. The funds came from statutory revenue and Value Added Tax (VAT) collections. Officials disclosed the figures in a statement on Friday through the Office of the Office of the Accountant-General of the Federation.
Total Revenue Available For Distribution
FAAC reported N2.230 trillion as total gross revenue available in February 2026.
First, N77.302 billion was deducted as the cost of collection.
Next, N259.078 billion covered transfers, refunds and savings.
After these deductions, the committee distributed N1.894 trillion to the three tiers of government.
How The Revenue Was Shared
The distributed revenue came from two main sources: statutory revenue and VAT.
- Federal Government: N675.088 billion
- State Governments: N651.525 billion
- Local Government Councils: N456.467 billion
Additionally, N110.949 billion representing 13% derivation revenue from mineral sources went to eligible states.
Breakdown Of Statutory Revenue Allocation
Statutory revenue contributed N1.274 trillion to the distributable amount.
Distribution included:
- Federal Government: N613.174 billion
- States: N311.010 billion
- Local Governments: N239.776 billion
Eligible states also received N110.949 billion as derivation revenue.
VAT Revenue Distribution
Gross VAT revenue reached N668.450 billion in February. However, it dropped sharply from N1.083 trillion recorded in January 2026.
From the N619.119 billion distributable VAT revenue:
- Federal Government: N61.912 billion
- States: N340.515 billion
- Local Governments: N216.692 billion
Revenue Performance In February
Statutory revenue also declined during the month. FAAC recorded N1.561 trillion, which fell N395.138 billion below January’s N1.957 trillion.
Similarly, VAT revenue dropped N414.710 billion compared with January.
Tax Sources That Declined
Several major taxes recorded significant declines in February, including:
- Petroleum Profit Tax (PPT)
- Hydrocarbon Tax (HT)
- Companies Income Tax (CIT)
- Capital Gains Tax (CGT)
- Stamp Duties (SDT)
- Value Added Tax (VAT)
However, oil and gas royalty and excise duty recorded notable increases during the period.
Import Duty And CET Performance
Meanwhile, import duty and receipts from the Common External Tariff (CET) increased slightly during the month.
Official Statement
According to Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation, FAAC shared the revenue during its March 2026 meeting in Abuja.
He confirmed that the distributable revenue combined N1.274 trillion statutory revenue and N619.119 billion VAT revenue.
