₦1.89 Trillion Shared: FAAC Distributes Funds To FG, States, And LGs

According to Ireporter Online, the Federation Account Allocation Committee (FAAC) has distributed a total of ₦1.894 trillion as revenue for February 2026 to the Federal Government, state governments, and 774 local government councils nationwide. The allocation was announced following the March 2026 FAAC meeting held in Abuja, as outlined in a communiqué signed by the Director of Press and Public Relations, Bawa Mokwa.

The distributable amount comprised ₦1.274 trillion from statutory revenue and ₦619.119 billion from Value Added Tax (VAT). The communiqué indicated that the total gross revenue available in February 2026 stood at ₦2.230 trillion before deductions. From this, ₦77.302 billion was deducted as cost of revenue collection, and ₦259.078 billion was set aside for transfers, refunds, and savings.

The gross statutory revenue for February fell to ₦1.561 trillion from ₦1.957 trillion in January 2026, reflecting a decline of ₦395.138 billion. VAT revenue also dropped from ₦1.083 trillion in January to ₦668.450 billion in February, a decrease of ₦414.710 billion.

Of the total ₦1.894 trillion distributable revenue, the Federal Government received ₦675.088 billion, the 36 state governments shared ₦651.525 billion, and the 774 local government councils received ₦456.467 billion. Oil-producing states were allocated an additional ₦110.949 billion, representing 13 per cent derivation revenue from mineral resources.

A detailed breakdown revealed that the Federal Government obtained ₦613.174 billion from statutory revenue and ₦61.912 billion from VAT, while state governments received ₦311.010 billion from statutory revenue and ₦340.515 billion from VAT. Local government councils received ₦239.776 billion from statutory revenue and ₦216.692 billion from VAT.

The FAAC communiqué also highlighted revenue performance for the month, noting increases in oil and gas royalties and excise duties, but declines in Petroleum Profit Tax, Hydrocarbon Tax, Companies Income Tax, Capital Gains Tax, Stamp Duties, and VAT. Import duties and the Common External Tariff saw slight increases.

FAAC continues to meet monthly to allocate revenue from the Federation Account in accordance with Nigeria’s revenue-sharing framework.