The Federation Account Allocation Committee (FAAC) distributed N1.67 trillion to Nigeria's three tiers of government in February, representing a 1.49% decrease from January's allocation.

According to Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation, the February distribution was sourced from:

- Statutory revenue: N827.63 billion

- Value-Added Tax (VAT): N609.43 billion

- Electronic Money Transfer Levy (EMTL): N35.17 billion

- Solid minerals revenue: N28.21 billion

- Augmentation: N178 billion

From the total gross revenue of N2.34 trillion available in February, deductions included N89.092 billion for collection costs and N577.097 billion for transfers, interventions, refunds, and savings.

Revenue Decline Noted

The committee reported that February's gross statutory revenue of N1.65 trillion fell by N194.66 billion compared to January's N1.84 trillion. Similarly, VAT revenue decreased from N771.88 billion in January to N654.45 billion in February.

Allocation Breakdown

Of the N1.67 trillion distributed:

- Federal government: N569.65 billion

- State governments: N562.19 billion

- Local governments: N410.55 billion

- Derivation revenue to oil-producing states: N136.04 billion (13% of mineral revenue)

While oil and gas royalty and EMTL increased significantly, other revenue sources—including VAT, petroleum profit tax, companies income tax, excise duty, import duty, and CET levies—all decreased.​​​​​​​​​​​​​​​​