Ikono LGA · Akwa Ibom State · Federal allocation
Ikono LGA FAAC Allocation 2024
What was shared to the council each month, where it came from, and what came off first.
Ikono LGA in Akwa Ibom State received ₦1,472,223,304 (about ₦1.5B) in FAAC federal allocations across 4 recorded months of 2024. That is about ₦368.1M a month.
Net allocation · 4 months of 2024
4 months on record₦1,472,223,304
Highest · December
₦420.8MLowest · September
₦320.5MWhere the money came from
Share of gross allocation
The council’s share of the 7.5% tax paid on goods and services.
Extra naira earned when dollar revenue is converted at a higher rate than planned.
The council’s share of the Federation Account: oil and gas income, company taxes and customs duties.
The ₦50 charged on bank transfers of ₦10,000 or more.
Money set aside for erosion, flooding and other environmental problems.
Income from mining, shared in the months it is distributed.
Before deductions. Percentages may not sum to 100% due to rounding. Covers 3 of the 4 months on record. November is left out: the imported figures for that month do not add up to its total.
What came off first
- Gross allocation
- ₦1,107,982,597
- Ecology transfer
- − ₦7,360,262
- Part of the ecological fund passed on to NDDC or HYPPADEC.
- Net allocation
- ₦1,100,622,335
About ₦0.66 of every ₦100 was taken off before Ikono’s share was set. Covers 3 of the 4 months on record.
Among Akwa Ibom’s councils
Ikono’s 2024 total is the 14th largest of Akwa Ibom’s 31 local governments.
Councils are not shared equal amounts. Population, land area and other factors in the formula decide each one’s share.
Month by month
4 months on recordOpen a month to see what came in and what was deducted. The percentage is the change on the month before.
Augustfrom July revenue₦359.2MNo earlier month to compare
What came in
- Value added tax (VAT)55.8%
- ₦201,726,384
- Exchange rate gain33.3%
- ₦120,403,229
- Statutory allocation7.1%
- ₦25,529,863
- Electronic transfer levy1.8%
- ₦6,632,638
- Ecological fund1.2%
- ₦4,459,817
- Solid minerals revenue0.8%
- ₦2,727,471
- Gross allocation
- ₦361,479,402
What came off first
- Ecology transfer
- − ₦2,229,908
- Net allocation
- ₦359,249,494
Septemberfrom August revenue₦320.5M−10.8% on the month before
What came in
- Value added tax (VAT)57.6%
- ₦185,738,328
- Exchange rate gain29.9%
- ₦96,355,662
- Statutory allocation9.7%
- ₦31,233,197
- Electronic transfer levy1.6%
- ₦5,303,881
- Ecological fund1.2%
- ₦3,827,666
- Gross allocation
- ₦322,458,735
What came off first
- Ecology transfer
- − ₦1,913,833
- Net allocation
- ₦320,544,902
Novemberfrom October revenue₦371.6MNo earlier month to compare
The imported figures for November do not add up to its total of ₦371,600,969, so only the total is shown. It needs checking against the official report.
Decemberfrom November revenue₦420.8M+13.2% on the month before
What came in
- Value added tax (VAT)46.7%
- ₦197,861,490
- Exchange rate gain32.5%
- ₦137,821,374
- Statutory allocation18.1%
- ₦76,613,329
- Ecological fund1.5%
- ₦6,433,041
- Electronic transfer levy1.3%
- ₦5,315,226
- Gross allocation
- ₦424,044,460
What came off first
- Ecology transfer
- − ₦3,216,521
- Net allocation
- ₦420,827,940
Check the source
About these figures
Source: monthly FAAC disbursement reports (net allocations to Ikono LGA), as published in the National Bureau of Statistics’ disbursement tables. Net means what is left after deductions at source.
Each month is named for when the money was shared, which is the month after the revenue was earned. Only months in our records are listed. A missing month does not mean nothing was paid.
This is what FAAC shared to the council. The constitution routes it through a joint account with the state, so it does not show what reached the council’s own account. An allocation is income: it does not show how the money was spent.