The Federation Account Allocation Committee (FAAC) says it distributed N1.89 trillion in February to the federal government, states, and local government councils.
The revenue was shared during the March 2026 FAAC meeting held in Abuja on Friday, chaired by Wale Edun, Minister of Finance and Coordinating Minister of the Economy.
As of the time of filing this report, the finance ministry had not responded to newsmen enquiry on the January allocation.
According to a statement by the ministry, the committee said the total gross revenue available in February stood at N2.23 trillion before deductions were made.
From the N1.89 trillion total distributable revenue, FAAC said the federal government received N675.08 billion, the states shared N651.52 billion, and local governments received N456.46 billion, while N110.94 billion was allocated to oil-producing states as 13 percent derivation revenue from mineral resources.
According to the communiqué, N77.30 billion was deducted as the cost of collection, while N259.07 billion was set aside for transfers, intervention, and refunds.
The committee also said gross revenue from Value Added Tax (VAT) in February stood at N668.45 billion, lower than the N1.08 trillion recorded in January, indicating a decline of N414.71 billion.
Out of the VAT revenue, N26.73 billion went to the cost of collection, while N22.59 billion was allocated for transfers, intervention, and refunds, leaving the three tiers of government to share N619.11 billion. From this amount, the federal government received N61.91 billion, states got N340.51 billion, and local governments received N216.69 billion.
The communiqué added that gross statutory revenue for February stood at N1.56 trillion, falling below the N1.95 trillion recorded in January, representing a decline of N395.13 billion.
FAAC said N50.56 billion was deducted for the cost of collection, while N236.48 billion was allocated for transfers, intervention, and refunds.
From the remaining balance of N1.27 trillion, the federal government received N613.17 billion, states got N311.01 billion, and local governments received N239.77 billion, while N110.94 billion was allocated as derivation revenue (13 percent) to mineral-producing states.
The committee also noted that oil and gas royalty and excise duty recorded notable increases during the period.
However, revenues from petroleum profit tax, hydrocarbon tax, companies’ income tax, capital gains tax, stamp duties, and VAT recorded significant declines.
The committee added that import duty and the common external tariff recorded slight increases during the month.
