Total Internally Generated Revenue (IGR) By Nigerian States Hits N1.16 Trillion. Lagos Maintains Top Spot In Revenue Generation By 33%.

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.

Start Your Business In 30 Days

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.

Internally Generated Revenue

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.



Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Join Entrepreneurs Family

No spam, only business insights and tips. 

Entrepreneurs Sign Up

Business Registration

Most Popular

Join Entrepreneurs Family

No spam, only business insights and tips. 

Entrepreneurs Sign Up

Related Posts

AI in social media marketing

How to Leverage AI in Social Media Marketing

Are you ready to boost your social media marketing game using AI? How exactly can you harness AI for your social media marketing advantage? To kick things off, consider this: there are over 4.60 billion users on social media platforms. Social media companies continually strive to keep up with this

Steps to launch a business

10 Essential Steps to Launch a Business in 30 Days

There are steps to most things in life. Sometimes, we struggle when we fail to follow the steps. Starting a business is no different. There are essential steps to launch a business. Starting your own business is an exciting adventure. The idea of turning your passion into profit and being

Scroll to Top

Join Entrepreneurs Family!

Get access to FREE business insights and funding opportunities daily.

Entrepreneurs Sign Up