The three tires of government comprising of the federal, states and local government councils have shared the sum of N1.894 trillion, being February accruals for federation account revenue. The revenue was shared at the March 2026 Federation Account Allocation Committee (FAAC) meeting held in Abuja, according to a statement issued by the Director of press at Office of Accountant General of the Federation (OAGF), Mallam Bawa Mokwa.
The N1.894 trillion total distributable revenue comprised distributable statutory revenue of N1.274 trillion, distributable Value Added Tax (VAT) revenue of N619.119 billion. A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that total gross revenue of N2.230 trillion was available in the month of February 2026.
According total deduction for cost of collection was N77.302 billion while total transfers, refunds and savings were N259.078 billion. According to the communiqué, gross statutory revenue of N1.561 trillion was received for the month of February 2026. This was lower than the sum of N1.957 trillion received in the preceding month by N395.138 billion.
Gross revenue of N668.450 billion was available from the Value Added Tax (VAT) in February 2026. This was lower than the N1.083 trillion available in the month of January 2026 by N414.710 billion.
The communiqué further stated that from the N1.894 trillion total distributable revenue; the Federal Government received total sum of N675.088 billion and the State Governments received total sum of N651, 525 billion. The 774 local government councils received N456.467 billion, while the sum of N110.949 billion (13% of mineral revenue) was shared to the benefiting State 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, the State Governments received N340.515 billion and the Local Government Councils received N216.692 billion.
In February 2026, Oil and Gas Royalty and Excise Duty increased significantly while Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Companies Income Tax (CIT), CGT and SDT and Value Added Tax (VAT) decreased substantially.
