{"id":126138,"date":"2026-03-14T04:19:32","date_gmt":"2026-03-14T03:19:32","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=126138"},"modified":"2026-03-14T04:19:32","modified_gmt":"2026-03-14T03:19:32","slug":"fg-gets-n675bn-as-faac-shares-n1-894tn-revenue","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/fg-gets-n675bn-as-faac-shares-n1-894tn-revenue\/","title":{"rendered":"FG Gets N675bn as FAAC Shares N1.894tn Revenue"},"content":{"rendered":"
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By Daniel Adaji<\/div>\n
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The Federal Government received N675.088 billion from the N1.894 trillion shared as February 2026 Federation Account revenue among the three tiers of government, according to the Federation Account Allocation Committee (FAAC).<\/div>\n
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The revenue was distributed at the March 2026 FAAC meeting held in Abuja on Friday, where allocations were made to the Federal Government, state governments and the local government councils.<\/div>\n
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A communiqu\u00e9 issued after the meeting stated that \u201cA total sum of N1.894 trillion, being February 2026 Federation Account Revenue, has been shared to the Federal Government, States and the Local Government Councils.\u201d<\/div>\n
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It noted that the N1.894 trillion total distributable revenue comprised N1.274 trillion as distributable statutory revenue and N619.119 billion from distributable Value Added Tax (VAT).<\/div>\n
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The communiqu\u00e9 indicated that \u201ctotal gross revenue of N2.230 trillion was available in the month of February 2026.\u201d From this amount, N77.302 billion was deducted as the cost of collection, while N259.078 billion went to transfers, refunds and savings before the final distributable revenue was determined.<\/div>\n
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From the distributable pool, the Federal Government received N675.088 billion, while the state governments shared N651.525 billion. Local government councils collectively received N456.467 billion.<\/div>\n
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The communiqu\u00e9 also noted that N110.949 billion, representing 13 per cent of mineral revenue, was allocated to oil-producing states as derivation revenue.<\/div>\n
A closer look at the statutory component showed that out of the N1.274 trillion distributable statutory revenue, the Federal Government received N613.174 billion, states got N311.010 billion, and local government councils received N239.776 billion.<\/div>\n
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It further stated that \u201cthe sum of N110.949 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.\u201d<\/div>\n
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From the N619.119 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N61.912 billion, states got N340.515 billion, while local government councils received N216.692 billion.<\/div>\n
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Despite the sizeable allocation, the communiqu\u00e9 indicated that revenue inflows declined compared to the previous month.<\/div>\n
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It disclosed that \u201cgross statutory revenue of N1.561 trillion was received for the month of February 2026,\u201d adding that this was lower than the N1.957 trillion received in the preceding month by N395.138 billion.<\/div>\n
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Similarly, \u201cgross revenue of N668.450 billion was available from the Value Added Tax (VAT) in February 2026,\u201d which the committee said was lower than the N1.083 trillion available in the month of January 2026 by N414.710 billion.<\/div>\n
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The committee highlighted shifts in revenue performance across key tax and oil-related streams. According to the communiqu\u00e9, \u201cOil and Gas Royalty and Excise Duty increased significantly while Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Companies Income Tax (CIT), CGT and SDT and Value Added Tax (VAT) decreased substantially.\u201d<\/div>\n
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However, it noted that \u201cImport Duty and CET increased marginally.\u201d<\/div>\n
Role of FAAC<\/div>\n
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FAAC, which comprises representatives of the Federal Government, the 36 state governments and the 774 local government councils, meets monthly to distribute revenues accruing to the Federation Account in line with the constitutional revenue-sharing formula.<\/div>\n<\/div>\n<\/div>\n