Lagos Island LGA · Lagos State · Federal allocation
Lagos Island LGA FAAC Allocation 2024
What was shared to the council each month, where it came from, and what came off first.
Lagos Island LGA in Lagos State received ₦5,874,716,069 (about ₦5.9B) in FAAC federal allocations across 4 recorded months of 2024. That is about ₦1.47B a month.
Net allocation · 4 months of 2024
4 months on record₦5,874,716,069
Highest · August
₦1.60BLowest · November
₦1.34BWhere 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
- ₦4,538,489,559
- Deductions at source
- None recorded
- Net allocation
- ₦4,538,489,559
Covers 3 of the 4 months on record.
Among Lagos’s councils
Lagos Island’s 2024 total is the 18th largest of Lagos’s 20 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₦1.60BNo earlier month to compare
What came in
- Value added tax (VAT)88.8%
- ₦1,420,787,910
- Exchange rate gain7.5%
- ₦119,924,071
- Electronic transfer levy1.6%
- ₦26,298,696
- Statutory allocation1.6%
- ₦25,428,264
- Ecological fund0.3%
- ₦4,442,069
- Solid minerals revenue0.2%
- ₦2,716,617
- Gross allocation
- ₦1,599,597,627
What came off first
- Deductions at source
- None recorded
- Net allocation
- ₦1,599,597,627
Septemberfrom August revenue₦1.41B−12.0% on the month before
What came in
- Value added tax (VAT)89.2%
- ₦1,255,304,218
- Exchange rate gain6.8%
- ₦95,972,205
- Statutory allocation2.2%
- ₦31,108,901
- Electronic transfer levy1.5%
- ₦20,985,495
- Ecological fund0.3%
- ₦3,812,433
- Gross allocation
- ₦1,407,183,252
What came off first
- Deductions at source
- None recorded
- Net allocation
- ₦1,407,183,252
Novemberfrom October revenue₦1.34BNo earlier month to compare
The imported figures for November do not add up to its total of ₦1,336,226,510, so only the total is shown. It needs checking against the official report.
Decemberfrom November revenue₦1.53B+14.6% on the month before
What came in
- Value added tax (VAT)84.3%
- ₦1,291,751,917
- Exchange rate gain9.0%
- ₦137,272,899
- Statutory allocation5.0%
- ₦76,308,438
- Electronic transfer levy1.3%
- ₦19,967,985
- Ecological fund0.4%
- ₦6,407,440
- Gross allocation
- ₦1,531,708,680
What came off first
- Deductions at source
- None recorded
- Net allocation
- ₦1,531,708,680
Check the source
About these figures
Source: monthly FAAC disbursement reports (net allocations to Lagos Island 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.