The total Internally Generated Revenue (IGR) by all states in Nigeria hit N1.16 trillion in 2018, according to reports released by the National bureau of Statistics (NBS). The NBS, in a report on its website, disclosed that the 36 states and the Federal Capital Territory (FCT) recorded N324.59 billion in the fourth quarter compared to N264.34 billion recorded in third quarter of the same year.
This figure, the bureau said, shows a positive growth of about 22.79% quarter-on-quarter and 24.82% year-on-year. In 2017, the total internally generated revenue was N936.4 billion.
Lagos Maintains Positive Growth Of About 33% In 2018.
The analysis indicated that Lagos State maintained the top spot, recording the highest IGR of N382.1 billion in 2018. Rivers State and Ogun State followed with IGR amounts of N112.7bn and N84.5bn respectively. Indications were that the FCT also recorded a significant growth in the year under review.
However, the data shows that while five states recorded declines in IGR quarter-on-quarter at the end of fourth quarter, 2018, the total revenue available to the states including the FCT was N3.74 trillion in the quarter under review.
Value Of Nigeria’s Domestic And Foreign Debts.
The report from the bureau said the net Federation Accounts Allocation Committee (FAAC) allocation in fourth quarter 2018 was put at N2.56 trillion. Meanwhile, the statement indicated that the value of foreign debt stood at $4.23 billion while domestic debt was N3.85 trillion at the end of the year 2018.
Regional Revenue Generation And Development.
The bureau’s data shows that two zones (South-West and South-South) in Nigeria recorded more IGRs. This has reflected in their levels of development as well.
The South West expressly recorded the lowest rate of unemployment in the third quarter of 2018. This may be due to the high level of industrialization in the region.
The South-South region ranked second in revenue generation but recorded the highest unemployment rate in the country. This submits that the zone may be witnessing a distorted growth pattern: IGR is focused on revenue from the oil sector which in itself does not have a high labour absorptive capacity.
Finally, the Northern region of Nigeria generated the lowest amounts of revenue. Agriculture is the main industry. Unemployment levels in the region is relatively average, but underemployment remains quite high.
Entrepreneurship is a lonely journey, let us help you get through it with our services.