Although revenues from oil and gas royalty and excise duty recorded significant increases in February, this year, gross statutory revenue for that month dropped from the previous month’s N1.957 trillion to N1.561 trillion last month, according to the Federation Account Allocation Committee (FAAC).
On Friday, FAAC announced that N1.894 trillion federation account revenue for February 2026 was shared among the Federal Government, states and local government councils during the March 2026 FAAC meeting held in Abuja. It, however, said that gross statutory revenue for February 2026 decreased by N395.14 billion — from N1.957 trillion in January to N1.561 trillion in February 2026.
According to the communiqué of FAAC meeting, released by the Director of Press and Public Relations in the Office of the Accountant-General of the Federation, Bawa Mokwa, said that the N1.894 trillion distributable revenue comprised N1.274 trillion from statutory revenue and N619.119 billion from Value Added Tax (VAT).
Mokwa explained that gross revenue of N2.230 trillion was available in February 2026, out of which N77.302 billion was deducted as cost of collection, while N259.078 billion was recorded as transfers, refunds and savings.
Similarly, gross VAT revenue dropped to N668.450 billion in February, from N1.083 trillion in January, indicating a decline of N414.710 billion.
From the N1.894 trillion shared, the Federal Government received N675.088 billion, while state governments got N651.525 billion, and local government councils had N456.467 billion.
In addition, N110.949 billion, representing 13% derivation revenue from mineral resources, was distributed among the benefiting states.
A breakdown of the N1.274 trillion statutory revenue showed that the Federal Government received N613.174 billion, the states got N311.010 billion, and local government councils received N239.776 billion, while the derivation revenue of N110.949 billion went to eligible states.
From the N619.119 billion VAT revenue, the Federal Government received N61.912 billion, state governments received N340.515 billion, and local government councils got N216.692 billion.
The communiqué also noted that revenues from oil and gas royalty and excise duty recorded significant increases in February.
However, receipts from Petroleum Profit Tax, Hydrocarbon Tax, Companies Income Tax, Capital Gains Tax, Stamp Duties and VAT declined during the period, while import duty and Common External Tariff collections recorded marginal increases.
