Nairametrics
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home General News Coronavirus

IGR: States make N1.33 trillion in 2019, grows by 14.1%

Samuel Oyekanmi by Samuel Oyekanmi
May 23, 2020
in Coronavirus, Politics, Spotlight
FAAC, IGR, Fiscal federalism in Nigeria, NEC Inauguration, Bailout Fund: FG begins deduction of N614 billion from states’ allocation in 2 weeks , Ekiti, Enugu, Bayelsa, 12 others attract no investment in 1H , States’ debt stock, Fiscal federalism
Share on FacebookShare on TwitterShare on Linkedin

The latest Internally Generated Revenue (IGR) report released by the National Bureau of Statistics, revealed that 36 states and the Federal Capital Territory, generated a sum of N1.33 trillion in 2019, a 14.1% increase compared to N1.17 trillion generated in 2018.

According to the report, 83.4% (N1.11 trillion) of the generated revenue was in form of taxes, while 16.6% (221.56 billion) was from MDAs’ revenue.

The report showed that 33 states, including Abuja, recorded positive growth in revenue, while 4 states generated less in 2019 compared to 2018.

READ MORE: Lawmakers tackle Finance Minister over failed CCTV project worth $460 million 

  Breakdown

  • Lagos state maintains its position as the commercial hub of Nigeria as it contributed 29.9% (N398.73 billion) to the total states’ IGR.
  • Rivers state followed, having generated a sum of N140.4 billion, thereby contributing 10.5% to the total revenue generated.
  • The Federal Capital Territory ranked third as it generated N74.56 billion (5.6%) internally.
  • Other states with the biggest IGR for 2019 include Ogun (N70.9 billion), Delta (N64.7 billion), Kaduna (N44.9 billion), Kano (N40.6 billion) as well as Akwa Ibom. Enugu and Kwara states followed with N32.3 billion, N31.1 billion and N30.6 billion respectively.

READ ALSO: Government can unlock N4 trillion by removing these subsidies – PWC

Yobe, Zamfara, Osun, others record highest growth in IGR

While Lagos and Rivers states dwarfed others in revenue generation, Yobe, Zamfara, and Osun states recorded the highest positive growth in IGR for the year ended 2019.

  • Yobe state recorded the highest rise in IGR between 2018 and 2019 as the revenue grew by 92.7% from N4.38 billion to N8.44 billion.
  • Zamfara and Osun states followed with respective growths of 87.85% and 72.64%. Specifically, Zamfara state grew its revenue from N8.2 billion to N15.4 billion, while Osun IGR rose from 10.4 billion in 2018 to N17.9 billion in 2019.
  • Other states that significantly grew their IGR include Benue, Adamawa and Kaduna, having grown their revenue by 59.2%, 56.4%, and 52.7% respectively.

 

Revenue drought amidst COVID-19 pandemic

As the confirmed cases of COVID-19 in Nigeria continue to increase by the day, having spread across 34 states of the federation, and forcing a partial shutdown of the economy, the country faces a possible recession in 2020.

Recall that IMF earlier predicted that Nigeria’s economy would slide by 3.4% in 2020 and the Finance Minister recently admitted that the crash in crude prices would negatively affect the country’s revenue and foreign exchange earnings.

READ MORE: Rising Wages and Low Productivity: The Need for a Justified Minimum Wage Agreement

The internally generated revenue serves a major source of revenue for most states, but with the decline in economic activities during the pandemic, there is a major concern as to how most states will be able to manage their affairs.

Meanwhile, many states and local governments depend on monthly statutory allocations from the central vault to carry out their businesses, and as the country’s revenue is expected to decline, the FAAC allocations to states will also reduce.

The big question is how will the states fare amidst COVID-19 pandemic.

Related

Tags: IGRLagos IGRNational Bureau of Statistics (NBS)NBS ReportNigeria NewsRivers StateYobe State

Leave a Reply Cancel reply

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

Eco Bank
Access Bank
Bankers Committee
First bank


Flowmono

Bfpeer
Mega Millions
FCMB
Ikeja Electrics
Kwakol Markets




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Rochas Okorocha raises alarm over EFCC’s invasion of his Abuja residence
    • SEC to resolve lingering identity management issues and unclaimed dividends
    • BWAM celebrates Dr Ola Brown, investor and finance expert, as one of 40 Under 40 Women in Asset Management

    Follow us on social media:

    Recent News

    Revealed: How much Governor Rochas Okorocha spent on the statues

    Rochas Okorocha raises alarm over EFCC’s invasion of his Abuja residence

    May 24, 2022
    SEC steps up fight against Ponzi schemes and illegal capital market operators

    SEC to resolve lingering identity management issues and unclaimed dividends

    May 24, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Ranking & Reviews
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • General News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com