.png)
1 hour ago
2
The Federation Account Allocation Committee (FAAC) has shared a total of N1.894tn as revenue to the Federal, states and local governments in the country for the month of February 2026.
The February figures were contained in a communique issued at the end of the March 2026 FAAC meeting held in Abuja on Friday.
The communiqué signed by FAAC Director of Press and Public Relations, Bawa Mokwa, showed that the N1.894tn distributable revenue comprised N1.274tn from statutory revenue and N619.119bn from Value Added Tax.
It said the total gross revenue available in February 2026 stood at N2.230tn before deductions were made.
From this amount, N77.302bn was deducted as the cost of collection, while N259.078bn was set aside for transfers, refunds, and savings, leaving the balance that was eventually shared among the three tiers of government.
The communiqué stated that the gross statutory revenue for February 2026 was N1.561tn, representing a decline compared with the N1.957tn recorded in January 2026 — a drop of N395.138bn.
The report also showed that gross VAT revenue stood at N668.450bn in February, lower than the N1.083tn recorded in January, indicating a decline of N414.710bn.
From the N1.894tn total distributable revenue, the Federal Government received N675.088bn, the 36 state governments shared N651.525bn, and the 774 local government councils received N456.467bn.
In addition, N110.949bn, representing 13 per cent derivation revenue from mineral resources, was shared among oil-producing states.
A breakdown of the N1.274tn statutory revenue showed that the Federal Government received N613.174bn, the state governments N311.010bn, and the local government councils N239.776bn.
The oil-producing states also received N110.949bn as derivation revenue from this component.
From the N619.119bn VAT revenue, the Federal Government received N61.912bn, while state governments received N340.515bn, and local government councils shared N216.692bn.
The FAAC communiqué also provided insight into the performance of major revenue sources during the month under review.
According to the report, oil and gas royalty as well as excise duty recorded notable increases during the period. However, revenues from Petroleum Profit Tax, Hydrocarbon Tax, Companies Income Tax, Capital Gains Tax, Stamp Duties, and VAT recorded significant declines.
The committee also noted that import duty and the Common External Tariff recorded slight increases during the month.
FAAC meets monthly to distribute revenue generated into the Federation Account among the Federal Government, state governments, and local government councils in line with Nigeria’s revenue-sharing formula.
The post Revenue declines, as FAAC shares N1.89tn to FG, states and LGs for February appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.
