The allocation was finalised during the March meeting of the Federation Account Allocation Committee (FAAC) held in Abuja.
According to details released after the meeting, the distributable revenue consisted of ₦1.274 trillion from statutory sources and ₦619.119 billion generated from Value Added Tax (VAT).
FAAC disclosed that the total gross revenue recorded in February stood at ₦2.230 trillion. However, ₦77.302 billion was removed as the cost of revenue collection, while ₦259.078 billion was earmarked for transfers, refunds, and savings before the final distribution.
The communiqué also noted that gross statutory revenue dropped to ₦1.561 trillion in February, representing a decline of ₦395.138 billion when compared with the ₦1.957 trillion recorded in January.
Similarly, VAT collections fell sharply, with ₦668.450 billion generated in February, which was ₦414.710 billion lower than the ₦1.083 trillion recorded in January 2026.
From the total ₦1.894 trillion shared, the Federal Government of Nigeria received ₦675.088 billion, while the 36 state governments collectively received ₦651.525 billion.
Nigeria’s 774 local government councils were allocated ₦456.467 billion, while ₦110.949 billion, representing 13 percent derivation revenue, was paid to oil-producing states.
A breakdown of the ₦1.274 trillion statutory revenue showed that the Federal Government received ₦613.174 billion, the states got ₦311.010 billion, and local governments received ₦239.776 billion, while the oil-producing states obtained ₦110.949 billion as derivation.
From the ₦619.119 billion VAT pool, the Federal Government was allocated ₦61.912 billion, state governments received ₦340.515 billion, and local governments got ₦216.692 billion.
The FAAC report further indicated that Oil and Gas Royalty as well as Excise Duty recorded noticeable growth in February. In contrast, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SDT), and VAT all experienced significant declines within the period.
Meanwhile, Import Duty and the Common External Tariff (CET) posted slight increases during the month under review.