Lagos state made more money than 32 states in the past year [DETAILS]


The Internal Generated Revenue of Lagos state, which stands at N268 billion, is said to be higher than the combined IGR of 32 states, the Economic Confidential reports.

According to the report, fifteen states are on the verge of bankruptcy as their IGR was far below the 10% gotten from the federal allocation from June 2015 to May 2016.

Excluding Rivers, Delta and Ogun states, the IGR of 32 states came to a total of N257 billion in 2015.

Lagos is the only state of the federation that generates more revenue than the allocation it gets from the federation account.

According to the report, Lagos generated 150 percent of its allocation when compared to the federation account. No other state in Nigeria generates up to a 100 percent of the amount it gets from the federation account.

This, according to the Economic Confidential report, means that 15 states in the country might not function without the allocation gotten from the “Federal Account Allocation due to lack of foresight in revenue generation drive coupled with arm-chair governance.”

Some of the states that might not survive outside the federation account due to poor IGR include: “Yobe state which generated meagre N2.2b compared to a total of N57.4bn it received from the Federation Account Allocation (FAA) from June 2015 to May 2016 representing about 3.9%. Others are: Zamfara with IGR of N2.7bn compared to FAA of N56.6bn representing 4.8%; Ekiti N3.2bn compared to FAA of N50.460bn representing 6.5%; Borno with N3.5bn compared to N78.7bn of FAA representing 4.5% and Kebbi with IGR of N3.5bn compared to N64.8bn of FAA representing 5.5% within the period under review.”

“Others are Taraba which generated N4.1bn compared to FAA of N56bn representing 6.4%; Nassarawa N4.4bn compared to FAA of N50.5bn representing 8.5%; Adamawa N4.4bn compared to FAA of N62.2bn representing 7.1%; Gombe N4.7bn compared to FAA of N49.8bn representing 9.6%; Jigawa N5bn compared to FAA of N73bn representing 7%; Bauchi N5.3bn compared to FAA of N72.6bn representing 7.4%; Imo N5.4bn compared to FAA of N71.6bn representing 7.6%; Katsina N5.7bn compared to FAA of N88.8bn representing 6.5 %; Niger N5.9bn compared to FAA of N74.8bn representing 8% and Sokoto N6.2bn compared to FAA of N69.7bn representing 8.9%.”

Closely following Lagos state as the top in generating revenue internally in the last one year is Rivers State N82.10bn, Delta State N40.80bn, Ogun State N34.59bn and Edo state N19.11bn.

Others that can weather the current economic crisis include: Enugu, Oyo, Anambra, Akwa Ibom and Kano with N18.08bn, N15.66bn, N14.793bn, N14.791bn, and N13.611 bn IGR respectively.

Kano state remains the richest state in the north, thus making it the only northern state among the top 10 IGR generating states within Nigeria.

On the other hand, Ekiti state is the poorest state in the south and is among the 10 lowest IGR generating states.

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