•Naira notes
The Federation Account Allocation Committee (FAAC) has shared a total of N1.894 trillion as Federation Account revenue for February 2026 among the federal government, states and local government councils.
This was disclosed in a statement issued yesterday by the Director of Press and Public Relations in the Office of the Accountant-General of the Federation, Bawa Mokwa.
The revenue was shared during the March 2026 FAAC meeting held in Abuja. The N1.894 trillion distributable revenue comprised N1.274 trillion from distributable statutory revenue and N619.119 billion from Value Added Tax (VAT), reports Channels TV.
The communiqué indicated that a total gross revenue of N2.230 trillion was available in February 2026. From this amount, N77.302 billion was deducted as cost of collection, while N259.078 billion was recorded as transfers, refunds and savings.
It further stated that gross statutory revenue of N1.561 trillion was received in February 2026. This represented a decrease of N395.138 billion compared with the N1.957 trillion recorded in January 2026.
Similarly, gross VAT revenue stood at N668.450 billion in February 2026, which was N414.710 billion lower than the N1.083 trillion recorded in January.
From the N1.894 trillion distributable revenue, the Federal Government received N675.088 billion, while state governments received N651.525 billion.
The local government councils received N456.467 billion, while N110.949 billion, representing 13 per cent derivation revenue from mineral sources, was shared among the benefitting states.
A breakdown of the N1.274 trillion statutory revenue showed that the Federal Government received N613.174 billion, the states received N311.010 billion, and the local government councils received N239.776 billion. The N110.949 billion derivation revenue was also distributed to eligible states.
From the N619.119 billion VAT revenue, the Federal Government received N61.912 billion, state governments received N340.515 billion, while local government councils received N216.692 billion.
The communiqué also noted that oil and gas royalty and excise duty recorded significant increases in February.
However, revenues from Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SDT) and Value Added Tax (VAT) declined substantially.
It added that import duty and Common External Tariff (CET) receipts increased marginally during the period.
