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States Generated N3.5tn IGR in 66 Months – NBS



  • States Generated N3.5tn IGR in 66 Months

A total sum of N3.5tn was earned as Internally Generated Revenue by the 36 states of the federation within a 66-month period from January 2011 to June of 2016, figures obtained from the National Bureau of Statistics have revealed.

An analysis of the states’ IGR report made available showed that the IGR of the 36 states recorded a sharp increase between 2011 and 2013, after which it declined steadily up to 2016.

For instance, the sum of N499.08bn was earned by the states in 2011. The figure rose to N567.99bn and N800bn in 2012 and 2013, respectively.

However, in 2014 and 2015, the states’ combined revenue dropped by N92.15bn and N25.18bn to N707.85bn and N682.67bn, respectively.

For the first half of 2016, the report stated that the sum of N317.7bn was generated by 29 states as IGR, adding that seven states had yet to report their half-year IGR figures. The states are Abia, Anambra, Bauchi, Ebonyi, Oyo, Rivers and Sokoto.

The NBS stated in the report that the IGRs were generated from five main sources.

They are Pay-As-You-Earn; direct assessment; road taxes; Ministries, Departments and Agencies of government; and other revenues.

The IGRs made by the states excluded the monthly allocations, which they received from the Federation Accounts Allocation Committee.

Further analysis of the revenue showed that Lagos State, with a total of N1.35tn generated in the 66-month period, led the IGR collection chart.

The N1.35tn, when further broken down, showed that the state earned N202.76bn in 2011; N219.20bn in 2012; while the sums of N384.25bn, N276.16bn and N268.2bn were generated as IGR in 2013, 2014 and 2015, respectively.

For the first half of last year, Lagos State raked in N150.59bn as IGR.

Rivers State followed on the revenue chart with a total collection of N377.54bn within the period.

The amount was earned as follows: N52.71bn in 2011; N66.27bn in 2012; N87.91bn in 2013; N89.12bn in 2014; and N82.1bn in 2015.

The state has yet to submit its IGR figure for 2016 to the NBS.

Ogun State, according to the bureau, came third by generating a total sum of N145.1bn in the period. It was able to grow its IGR from N10.8bn in 2011 to N56.2bn by 2016

On the other hand, the report stated that Nasarawa, Ekiti and Borno states, with sums of N22.72bn, N17.61bn and N15.49bn, generated the lowest revenue within the period.

Further analysis of the report revealed that Benue State’s IGR decreased from N11.13bn in 2011 to N7.63bn in 2015, while the revenue for the first six months of 2016 was put at N8.89bn.

The IGR for Kogi State increased from N2.84bn in 2011 to N7.78bn in the first half of 2016, while that of Kwara State increased from N8.82bn in 2011 to N16.46bn in the first six months of last year.

The IGR for Bauchi State, according to the report, rose from N4.46bn in 2011 to N5.39bn in 2016. The state has not supplied its 2016 half-year IGR report, according to the NBS.

Similarly, Kano State’s IGR increased from N6.62bn in 2011 to N34.46bn in 2016, while Gombe State’s rose from N3.15bn in 2011 to N3.57bn in 2016.

The IGR for Osun State increased from N5.02bn in 2012 to N8.96bn in 2016.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.


Egypt Leads Nigeria, South Africa in Foreign Direct Investment



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Egypt Leads Nigeria, South Africa in Foreign Direct Investment

The United Nations Trade Association has Nigeria recorded a total of $2.6 billion in Foreign Direct Investment (FDI) in 2020, below the $3.3 billion posted in the preceeding year.

South Africa, Africa’s most industrialised nation, reported $2.5 billion during the same year, slightly below Africa’s largest economy and 50 percent below the $4.6 billion attracted a year earlier.

The report also noted that Africa recorded a total of $38 billion FDI in the same year, representing a 18 percent decline from the $46 billion posted in the corresponding year of 2019.

However, Egypt led Nigeria and South Africa with $5.5 billion FDI, an increase of 38 percent from the preceeding year.

The report read in part, “FDI flows to Africa declined by 18% to an estimated $38 billion, from $46 billion in 2019. Greenfield project announcements, an indication of future FDI trends, fell 63% to $28 billion, from $77 billion in 2019. The pandemic’s negative impact on FDI was amplified by low prices of and low demand for commodities.

UNCTAD also noted that global foreign direct investment declined by 42 percent to an estimated $859 billion, down from $1.5 trillion in 2019.

The decline was concentrated in developed countries, where FDI flows fell by 69 percent to an estimated $229 billion. Flows to Europe dried up completely to -4 billion (including large negative flows in several countries). A sharp decrease was also recorded in the United States (-49%) to $134 billion.

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FG to Partly Fund Six Rail Projects Connecting All Regions



rail project

FG to Partly Fund Six Rail Projects Connecting All Regions

The Federal Government will pay a total sum of N71 billion to partly fund six rail projects connecting all regions of the country.

In the report obtained from the Federal Ministry of Finance, Budget and National Planning, the six rail projects marked for development this year are Lagos-Kano rail line (ongoing), Calabar-Lagos (ongoing), and Ajaokuta-Itakpe-Aladja (Warri).

Others are the Port Harcourt-Maiduguri railway, the new Kano-Katsina-Jibiya-Maradi line in Niger Republic and the Abuja-Itakpe and Aladja-Warri Port and refinery/Warri new harbour.

The Buhari administration will also spend N15.1 billion on the development of safety and security of critical projects, airport certification, runway construction, terminal building, among others in the aviation sector in 2021.

Last week, Rotimi Amaechi, Minister of Transportation, said the Lagos-Kano line would be connected from the Ibadan end of the Lagos-Ibadan railway and would cost $5.3 billion.

We are waiting for the Chinese government and bank to approve the $5.3bn to construct the Ibadan-Kano. What was approved a year ago was the contract,” the minister said.

He added, “The moment I announced that the Federal Government had awarded a contract of $5.3bn to CCECC (China Civil Engineering and Construction Corporation) to construct Ibadan-Kano, people assumed the money had come in; no.

“We have not got the money, which is a year after we applied for the loan. We have almost finished the one of Lagos-Ibadan. If we don’t get the loan now, we can’t commence.”

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FG Launches E-ticketing Platform to Deepen Train Usage and Convenience



FG Launches E-ticketing Platform to Deepen Train Usage and Convenience

In a bid to improve the usage and enhance the convenience of train transport in Nigeria, the Federal Government on Thursday announced the launching of the Electronic Ticketing platform for the Kaduna-Abuja rail services.

The N900 million E-ticketing platform was introduced by the Minister of Transportation, Chibuike R. Amaechi, and the Nigerian Railway Corporation.

Amaechi said the new platform would improve efficiency, promote accountability, reduce leakage and enhance economic growth, as well as save time.

The E-ticketing platform was a Public-Private Partnership project done in conjunction with Secure ID Solutions, who provide and would manage the system for 10 years in an effort to recoup its investment before the Nigerian Railway Corporation take charge.

Kofo Akinkugbe, the Chief Executive Officer, Secure ID Solutions, said as the new E-platform issued 25,000 tickets after a successful pilot test on Thursday.

Potential Travelers can book via three ways:

1. Mobile app
2. Website
3. POS or Cash at the station

A validator would be used to scan the ticket barcode to ascertain its authenticity before boarding.

Amaechi further announced that self-service ticket vending machines at various train stations would be introduced soon.

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