FAAC Allocates N1.894 Trillion for February 2026
The Federation Account Allocation Committee (FAAC) disbursed a total of N1.894 trillion in February 2026 to the Federal Government, states, and local governments. This allocation was part of a gross revenue of N2.230 trillion for the month.
The distribution occurred during a monthly meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun. The Federal Government received N675.086 billion, while the 36 states received N651.525 billion, and the 774 local government councils received N456.467 billion.
Notably, oil-producing states received N110.949 billion as a 13% derivation. The report indicated a significant decrease in VAT receipts, with February's VAT amounting to N668.450 billion, down from N1.083 trillion in the previous month, resulting in a drop of N414.710 billion.
The total cost of collection was N77.302 billion, with various allocations and transfers detailed in the report.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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