The Federation Account Allocation Committee (FAAC) has concluded its March 2026 meeting, approving the distribution of a total sum of N1.894 trillion in federally collected revenue for the month of February. The announcement was made official via a communiqué detailed in a statement from Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation.
This substantial allocation, shared among the Federal Government, state governments, and local government councils, was drawn from a gross total of N2.230 trillion available for distribution prior to statutory deductions. The distributable figure comprises N1.274 trillion from statutory revenue sources and N619.119 billion from Value Added Tax (VAT). In a separate disbursement, an additional N110.949 billion was allocated to oil-producing states as 13% derivation revenue from mineral sources.
A detailed breakdown of the VAT revenue shows the Federal Government received N61.912 billion, state governments were allocated N340.515 billion, and local government councils received N216.692 billion. However, the FAAC communiqué noted a concerning decline in several major revenue streams compared to the preceding month, a development that occurs amid blackouts: NERC and the CBN continue to navigate complex economic pressures. This revenue fluctuation underscores the volatile nature of key income sources for the federation.
Despite the overall declines, the committee reported a marginal increase in receipts from import duty and the Common External Tariff (CET) for the month. The distribution is part of a broader fiscal pattern, as reports indicate that a cumulative N9.62 trillion was shared by FAAC over a recent three-month period covering August through October 2025 revenues. These allocations remain a critical financial lifeline for all tiers of government, funding essential services and administrative functions across the nation.
