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From Adanna Nnamani, Abuja
The Federal Government, states, and Local Government Councils (LGCs) shared a total of N1.894 trillion as revenue for February 2026.
The allocation was made at the March 2026 Federation Account Allocation Committee (FAAC) meeting held in Abuja, according to a statement issued by the spokesperson for the Office of the Accountant General of the Federation, Bawa Mokwa, on Friday.
Mokwa quoted the FAAC communiqué as saying that, out of the total distributable revenue, N1.274 trillion came from statutory revenue, while N619.119 billion was from Value Added Tax (VAT).
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According to the document, the federal government received N675.088 billion, states got N651.525 billion, and local government councils received N456.467 billion. Oil-producing states also received N110.949 billion as derivation revenue.
The communiqué showed a drop in revenue compared to January 2026, with statutory revenue falling by N395.138 billion and VAT revenue declining by N414.710 billion.
While oil and gas royalty and excise duties increased, other taxes, including petroleum profit tax, hydrocarbon tax, companies’ income tax, capital gains tax, stamp duties and VAT, saw a substantial decrease. Import duty and the Common External Tariff (CET) increased marginally.
The report highlighted that total gross revenue available for February was N2.230 trillion, with N77.302 billion deducted for cost of collection and N259.078 billion set aside for transfers, refunds and savings.
