FAAC disburses $1.894 trillion to FGs, States and LGs as February allocation

The Federation Accounts Allocation Committee (FAAC) on Friday shared the sum of 1.894 trillion naira as revenue of the federation to federal, state and local councils.

This was made known in a statement signed by the Director (Press and Public Relations), Bawa Mokwa, after the FAAC meeting in Abuja.

The total distributable revenue of N1.894 trillion comprised statutory distributable revenue of N1.274 trillion and value added tax (VAT) distributable revenue of N619.119 billion.

The FAAC indicated that total gross receipts of N2.230 trillion were available in the month of February 2026. The total deduction for collection costs was N77.302 billion while the total transfers, refunds and savings was N259.078 billion.

According to the release, 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 previous month of N395.138 billion.

As of February 2026, gross receipts of N668.450 billion were available from Value Added Tax (VAT). This was lower than the N1.083 trillion available in January 2026 of N414.710 billion.

The release stated that from the total distributable revenue of N1.894 trillion, the federal government received a total sum of N675.088 billion and state governments received a total sum of N651.525 billion.

The Local Government Council received 456.467 billion naira, while the sum of 110.949 billion naira (13% of mining revenue) was shared among the beneficiary states as spin-off revenue.

Out of the distributable statutory revenue of N1.274 trillion, the release said the federal government received N613.174 billion and state governments received N311.010 billion.

Local government councils received 239.776 billion naira and the sum of 110.949 billion naira (13% of mining revenue) was shared among the beneficiary states as spin-off revenue.

From the distributable value added tax (VAT) revenue of N619.119 billion, the federal government received N61.912 billion, state governments received N340.515 billion and local councils received N216.692 billion.

In February 2026, oil and gas royalties and excise duties increased significantly, while petroleum profits tax (PPT), hydrocarbon tax (HT), corporate income tax (CIT), CGT and SDT and value added tax (VAT) decreased substantially.

Additionally, import duties and CET increased marginally.