FAAC Shares ₦1.894trn February Revenue to FG, States, LGs

FAAC Shares ₦1.894trn February Revenue to FG, States, LGs
States Receive ₦651bn as FAAC Distributes February Revenue
VAT, Statutory Earnings Push FAAC Allocation to ₦1.894trn

A total of ₦1.894 trillion from the February 2026 Federation Account revenue has been shared among the Federal Government, state governments and local government councils.

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Eko Hot Blog reports on the revenue distribution was announced after the March 2026 meeting of the Federation Account Allocation Committee held in Abuja.

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According to a statement by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa, the total distributable revenue comprised ₦1.274 trillion in statutory revenue and ₦619.119 billion from Value Added Tax.

The FAAC communiqué indicated that a total gross revenue of ₦2.230 trillion was generated in February 2026. From this amount, ₦77.302 billion was deducted as cost of collection, while ₦259.078 billion was allocated for transfers, refunds and savings.

The report also showed that gross statutory revenue for the month stood at ₦1.561 trillion, which represented a decline of ₦395.138 billion compared to the ₦1.957 trillion recorded in January 2026.

Similarly, Value Added Tax revenue dropped to ₦668.450 billion in February from ₦1.083 trillion recorded in January, indicating a decrease of ₦414.710 billion.

From the ₦1.894 trillion distributable revenue, the Federal Government received ₦675.088 billion, while the state governments collectively received ₦651.525 billion.

Local government councils were allocated ₦456.467 billion, while ₦110.949 billion representing 13 percent derivation revenue from mineral resources was distributed to oil-producing states.

FAAC Shares ₦1.894trn February Revenue to FG, States, LGs

Further breakdown showed that from the ₦1.274 trillion statutory revenue, the Federal Government received ₦613.174 billion, the states received ₦311.010 billion and local government councils received ₦239.776 billion. The ₦110.949 billion derivation allocation was also paid to the benefiting states.

From the ₦619.119 billion VAT revenue, the Federal Government received ₦61.912 billion, state governments received ₦340.515 billion, while local government councils got ₦216.692 billion.

The statement added that revenue from Oil and Gas Royalty and Excise Duty recorded significant increases during the month, while collections from Petroleum Profit Tax, Hydrocarbon Tax, Companies Income Tax, Capital Gains Tax, Stamp Duty and Value Added Tax declined.

It also noted that Import Duty and the Common External Tariff recorded marginal increases during the period.