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The Federation Account Allocation Committee has distributed N1.894 trillion for February 2026 to federal, state, and local governments, while reporting a decrease in VAT and statutory revenues.
The Federation Account Allocation Committee (FAAC) has allocated N1.969 trillion to the federal, state, and local governments following a revenue increase in December 2025. This reflects an improvement in VAT collections.
Ambassador Assam Assam explains that the conflict between Cross River and Akwa Ibom states concerning offshore oil wells is primarily driven by revenue allocation issues associated with 218 newly discovered wells, rather than boundary ambiguities.
