A total sum of N1.894 trillion, being February 2026 Federation Account Revenue, has been shared to the Federal Government, States and the Local Government Councils, the Federation Account Allocation Committee (FAAC) has reported.
A statement issued on Friday by the Director, (Press and Public Relations) Department of the Office of the Accountant-General of the Federation (OAGF), Bawa Mokwa, indicted that the revenue was shared to the tiers of government at the March 2026 meeting held in Abuja.
The statement reflected that N1.894 trillion total distributable revenues comprised statutory revenue of N1.274 trillion, and Value Added Tax (VAT) revenue of N619.119 billion.
A communiqué issued by the FAAC at the end of its meeting showed that total gross revenue of N2.230 trillion was generated in the month and that total deduction for cost of collection was N77.302 billion while total transfers, refunds and savings stood at N259.078 billion.
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The FAAC disclosed that gross statutory revenue of N1.561 trillion was generated in February 2026, lower than the N1.957 trillion collected in the preceding month by N395.138 billion.
According to the committee, gross revenue from Value Added Tax (VAT) totalled N668.450 billion in the month, lower by N414.710 billion than the N1.083 trillion raked in from the revenue source in the preceding month.
The communiqué stated that from the N1.894 trillion total distributable revenue, the Federal Government received total sum of N675.088 billion, state governments got N651,525 billion compared with N456.467 billion of local governments while N110.949 billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.
On the N1.274 trillion distributable statutory revenue, the communiqué stated that the Federal Government received N613.174 billion and the State Governments received N311,010 billion.
The Local Government Councils received N239.776 billion and the sum of N110.949 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
From the N619.119 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N61.912 billion, while N340.515 billion and N216.692 billion were distributed to state and local governments respectively.
In the month under review, Oil and Gas Royalty and Excise Duty significantly increased, Import Duty and CET marginally increased, while Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Companies Income Tax (CIT), CGT and SDT and Value Added Tax (VAT) decreased.
