The National Bureau of Statistics (NBS) has released its report on the Internally Generated Revenue (IGR) for the full year ended December 2017.
The full year 2017 states IGR figure hits ₦931.23bn compared to ₦831.19bn recorded in the year 2016. This represents a growth of 12.03% year-on-year.
Performance by States
Out of the 36 states, 31 States recorded growth in revenue while five (5) states which include (Akwa Ibom, Anambra, Bauchi, Osun and Taraba) recorded a decline at the end of 2017 Fiscal Year.
The net FAAC allocation in the year 2017 is put at ₦1.73 trillion while the total revenue available to the states is put at ₦2.67 trillion.
However, the value of foreign debt stands at $19.9bn while domestic debt hits ₦3.35 trillion at the end of 2017 full year respectively.
Lagos maintains the lead in IGR
According to the released figures which shows that the Lagos State generated a total of ₦333billion naira as Revenue for the full year ended December 2017, this represents a 10.43% year-on-year growth. The state recorded ₦302 billion in full-year 2016. Rivers and Ogun States, however, came second and third with a year-on-year growth of 4.92% and 2.54% respectively.
The Lagos State governor, Akinwumi Ambode while signing the 2018 budget into law noted that the state government hopes to rake in ₦897 billion (IGR) this year just as it recently deploy world-class technology to boost its revenue drive this year.
States with smallest IGR
Yobe State had the smallest IGR for the 2017 full year with a total revenue of ₦3.5 billion, Ekiti, Kebbi and Bauchi States had their total revenue around ₦4billion for the full year respectively.
States with significant improvement
Ebonyi, Sokoto and Jigawa States had the biggest improvement in their revenue with a 117%, 98.40%, and 84.11% growth in their IGR year-on-year.
While several states improved their revenue massively, more still needs to be done. Most of the states are still heavily dependent on Federal Account Allocation Committee (FAAC) allocations to pay salaries and meet other obligations.
The Federal Government had in the past provided bailout funds to most of the states, with many of them still owing several months salary and pension arrears.