Lagos Island Local Council has surpassed its projected federal allocation for the 12 months of 2026 in just three months of January to March.

Out of the N6.51bn federal allocation the local council projected to fund its 2026 budget, Lagos Island Local Council has already got N7.63bn from statutory federal allocation between January and March alone, according to Budgit.

This is despite for its 2026 budget, federal allocation revenue has increased by 818.72 per cent in the last two years, from N462.57m in 2024 to N4.24bn in 2025. Yet, the local council’s projected Internally Generated Revenue (IGR) for 2026 is just N638m out of a N16.62bn budget.

However, a breakdown of the council’s 2026 budget of N16.62 billion by Budgit also revealed that it is expecting N6.51 billion as statutory federal allocation, N9.31 billion as Value Added Tax (VAT), N638million as IGR and N150 million as state coordinated revenue.

A breakdown of the council’s 2026 N16.62 billion expenditure revealed that N2.57 billion was allocated for personnel cost, N400 million for pension, N6.71 billion for overhead, N6.93 billion as capital expenditure.

Worthy to mention is that between January and December 2025 alone, Lagos Island Council received a total of N21.14bn in federal allocations.

In its 2025 budget, the Lagos Island Local Council projected N2.05 billion as statutory federal revenue, N11.11 billion as value added tax, other FAAC related allocation N168.47, IGR N338 million, and state coordinated revenue N150 million.

The revenue performance however revealed that as statutory federal allocation, the council got N4.24 billion; for Value Added Tax it got N5.52 billion; it generated N246.59 million as IGR, and got N80.5 as state coordinated revenue and N10million as grant.