The 13 per cent derivation principle allocation shared among the nine oil producing states in the country suffered a shortfall of N3.37 billion in February 2019.
Akwa Ibom, which produces 504,000 barrels per day, being the highest, shared N45.36 billion in January with eight other states against N41.99 billion received in February this year.
Addressing journalists shortly after the meeting, Alhaji Ahmed Idris, the Accountant-General of the Federation, said the gross revenue that accrued into the federation account dropped by N42.21 billion from N547.46 billion recorded in December last year to N505.24 billion in January.
Idris spoke after the end of the Federation Account Allocation Committee meeting held on Wednesday at the headquarters of the Ministry of Finance in Abuja.
The meeting was attended by the commissioners of finance of the 36 states of the federation and representatives of revenue generating agencies.
He said that despite the revenue decline, the committee was able to allocate N610.36 billion to the three tiers of government.
The Accountant-General said that additional approval of N50 billion to be withdrawn from the Foreign Exchange Equalisation Account for distribution was being awaited by the committee.
The approval, which is expected to be given by Mrs Zainab Ahmed, the Minister of Finance, would bring the total amount to be received during the period to N660.36 billion.
He said from the N610.36 billion, the Federal Government after deducting the N75 billion cost of revenue collection to the revenue generating agencies received N252.41billion.
Idris said the 36 states were to share the sum of N170.541billion, while the 774 Local Government Councils were to receive N127.92 billion.
For Value Added Tax revenue, he said out of the N104.46 billion generated during the period, the Federal Government received N15.04 billion, states N50.14 billion, local government councils N35.10 billion while revenue generating agencies received N1.17 billion as the cost of collection.
The AGF put the balance in the Excess Crude Account at $249 million.
He said that for the month of January, the federation crude oil sales increased by 2.4 million barrels, resulting in increased federation revenue by $149.94 million despite a drop in the price of crude oil from $81.06 to $75.00 per barrel.
In the month under review, he added, that oil royalties, import and excise duties increased substantially while Companies Income Tax and Petroleum Profit Tax decreased marginally.
