IGR: States Generate N1.1trn in 2018

  • IGR: States Generate N1.1trn in 2018

The Internally Generated Revenue (IGR) report for 2018 revealed the 36 states and the Federal Capital Territory generated a total of N1.1 trillion.

The report released by the National Bureau of Statistics (NBS) showed IGR grew by N231.53 billion from the N936.47 billion recorded in 2017.

The IGR was realised from five main revenue sources, Pay-As-You-Earn, direct assessment, road taxes, Ministries, Departments and Agencies, and other revenue.

The amount quoted excludes the monthly allocation states received from the Federation Accounts Allocation Committee.

A break down of the revenue generated indicated Lagos State realised N382.18 billion in 2018, the highest among the states.

Followed by Rivers and Ogun states with N112.78 billion and N84.55 billion, respectively in 2018.

The FCT followed with IGR of N65.51 billion while Delta and Kano had N58.43 billion and N44.1 billion, respectively.

The report showed that Kaduna generated N29.4 billion; Edo, N28.45 billion; Oyo, N24.67 billion; Enugu, N22.15 billion; and Akwa-Ibom, N24.21 billion

Kwara had N23.04 billion; Ondo, N24.78 billion; Anambra, N19.3 billion; Imo, N14.88 billion; Abia, N14.83 billion; Bayelsa, N13.63 billion; and Plateau, N12.72 billion.

Similarly, Benue had IGR of N11.21 billion, Sokoto, N18.76 billion; Kogi, N11.33 billion; Niger, N10.43 billion; Jigawa, N9.24 billion; Osun, N10.38 billion; Bauchi, N9.69 billion; Nassarawa, N7.56 billion; Katsina, N6.96 billion; Adamawa, N6.2 billion; Borno, N6.52 billion; Ekiti, N6.46 billion; Zamfara, N8.2 billion; and Taraba N5.96 billion.

The others are Ebonyi, N6.14 billion; Gombe, N7.34 billion; Kebbi, N4.88 billion; and Yobe, N4.38 billion.

The report read in part, “The Q4 2018 states and FCT IGR figure hits N324.59 billion compared to N264.34 billion recorded in Q3 2018.

“This indicates a positive growth of 22.79 percent quarter-on-quarter and 24.82 percent year-on-year

“Thirty-one states and the FCT recorded growth in IGR while five states recorded decline in IGR quarter-on-quarter at the end of Q4 2018.

“The net FAAC allocation in Q4 2018 is put at N2.56 trillion while the total revenue available to the states including the FCT is put at N3.74 trillion.”

Collectively the states are owing $4.23 billion in foreign debt, while local debt stood at N3.85 trillion at the end of 2018.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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