FG, states, LGs share N1.894tn February revenue as VAT and statutory earnings fall

The Federation Account Allocation Committee (FAAC) has shared N1.894tn as Federation Account revenue for February 2026 among the federal, state and local governments.

The development was disclosed in a statement issued on Friday by the director of press and public relations in the Office of the Accountant-General of the Federation, Bawa Mokwa.

According to the statement, the revenue was shared during the March 2026 FAAC meeting held in Abuja.

The distributable revenue comprised N1.274tn from statutory revenue and N619.119bn from value added tax (VAT).

The FAAC communiqué indicated that N2.230tn was available as gross revenue in February. From this amount, N77.302bn was deducted as the cost of collection, while N259.078bn was recorded as transfers, refunds and savings.

It added that gross statutory revenue for February stood at N1.561tn, representing a decrease of N395.138bn compared with the N1.957tn recorded in January 2026.

Similarly, gross VAT revenue declined to N668.450bn in February from N1.083tn in January, reflecting a drop of N414.710bn.

From the N1.894tn distributable revenue, the federal government received N675.088bn, while state governments received N651.525bn.

Local government councils received N456.467bn, while N110.949bn, representing 13% derivation revenue from mineral sources, was shared among the benefiting states.

A breakdown of the N1.274tn statutory revenue showed that the federal government received N613.174bn, the states N311.010bn, and local government councils N239.776bn. The N110.949bn derivation revenue was also distributed to eligible states.

From the N619.119bn VAT revenue, the federal government received N61.912bn, states N340.515bn, while local government councils got N216.692bn.

The communiqué further noted that oil and gas royalty and excise duty recorded significant increases in February.

However, revenues from petroleum profit tax (PPT), hydrocarbon tax (HT), companies income tax (CIT), capital gains tax (CGT), stamp duties (SDT) and VAT declined substantially.

It added that import duty and common external tariff (CET) receipts increased marginally during the period.