The Federation Account Allocation Committee (FAAC) has released a total of ₦1.894 trillion as the February 2026 revenue allocation to the Federal Government, state governments, and local councils, a statement from the Office of the Accountant-General of the Federation has revealed.
The disbursement, confirmed by Bawa Mokwa, Director of Press and Public Relations, followed the FAAC meeting held in Abuja earlier this month. Of the total, ₦1.274 trillion came from distributable statutory revenue, while ₦619.119 billion was generated from Value Added Tax (VAT).
According to the communiqué, February’s gross revenue stood at ₦2.230 trillion. However, ₦77.302 billion was deducted as cost of collection, while ₦259.078 billion was accounted for as transfers, refunds, and savings.
The report highlighted a sharp decline in revenues compared with January 2026. Gross statutory revenue fell by ₦395.138 billion, from ₦1.957 trillion in January to ₦1.561 trillion in February, while VAT revenue dropped from ₦1.083 trillion to ₦668.450 billion, a fall of ₦414.710 billion.
From the ₦1.894 trillion distributable allocation, the Federal Government received ₦675.088 billion, states got ₦651.525 billion, and local government councils received ₦456.467 billion.
Additionally, ₦110.949 billion, representing 13 per cent derivation revenue from mineral resources, was shared among eligible states.
A breakdown showed that of the ₦1.274 trillion statutory revenue, the FG received ₦613.174 billion, states ₦311.010 billion, and local councils ₦239.776 billion. VAT allocations saw the FG get ₦61.912 billion, states ₦340.515 billion, and local councils ₦216.692 billion.
The statement also noted mixed performance across other revenue streams. While oil and gas royalties and excise duties recorded growth, revenues from Petroleum Profit Tax, Hydrocarbon Tax, Companies Income Tax, Capital Gains Tax, Stamp Duties, and VAT declined substantially. Import duties and the Common External Tariff, however, saw marginal increases.
Economists warn that continued declines in statutory and VAT revenues could put pressure on government budgets in the coming months, especially as spending demands rise ahead of the 2027 elections.
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