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Economy

Nigerian states generate N1.1trn in 2018 as Ondo records fastest IGR growth

Ondo State outran 35 other states in the country in the accrual of Internally Generated Revenue (IGR) in 2018, latest states IGR data by the National Bureau of Statistics have shown.

Ondo grew its IGR by more than double to N24.79 billion in 2018 from N10.93 billion achieved a year earlier, causing the state to jump 11 steps to become ninth-highest revenue-generating state of the federation after Lagos, Rivers, Ogun, Delta, Kano, Kaduna and Edo States which sustained their positions.

Lagos generated N382.2 billion as revenue in 2018, representing a 14.4 percent increase compared with N333.97 billion realised in 2017. Rivers recorded a 26 percent growth in its IGR to N112.8 billion from N89.5 billion, while Ogun raised N84.55 billion as IGR in 2018, about 13 percent higher than N74.84 billion recorded in the previous year.

As a result, the combined revenue received by the three states accounted for 52 percent of the total revenue of N1.10 trillion generated by all the Nigerian states in 2018, which is 17.8 percent more than N936.47 billion recorded in 2017.

The total growth was driven by increases in the IGR of 32 states that recorded growth, even as four other states comprising Osun, Benue, Cross River and Abia recorded worse revenue performance in the review year compared with 2017.

Osun’s IGR fell the most to N10.38 billion from N11.73 billion. Benue followed closely with a 9.55 percent decline to N11.22 billion from N12.4 billion, Cross River was down by 3 percent to N17.55 billion from N18.1 billion, while Abia recorded a marginal drop of 0.55 percent to N14.83 billion in 2018 compared with N14.92 billion received in the previous year.

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However, the revenue generated by each of the four states in 2018 was more than Yobe, Kebbi, Taraba, Ebonyi, Adamawa, Ekiti, Borno, Katsina, Gombe, Nassarawa, Zamfara, Jigawa and Bauchi.

Yobe recorded the lowest IGR of N4.38 billion. Kebbi trailed with a total internally generated revenue of N4.88 billion, while Taraba generated the third-lowest revenue of N5.97 billion in the country in 2018.

Also, the Federal Capital Territory (FCT), Abuja generated N65.52 billion as IGR in the review period.

Source: By OLUWASEGUN OLAKOYENIKAN

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