Economy

Total Revenue received by Lagos was higher than total revenue received by the entire South East States – NEITI

Quarterly review document of the Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that the total revenue received by the Lagos State government in 2018 was higher than what was received by the entire south-east region.

The South East region consists of five states namely: Abia, Anambra, Ebonyi, Enugu, and Imo.

The state’s 2018 revenue was also higher than that of the North East and North Central.

The 36 states of the federation received N3.95trillion as total revenues in 2018 but none of the states could fund its 2018 budget from its total revenue for the year. NEITI said the gap between total revenues and budgets ranged between N28billion in Enugu and N1.2trillion in Cross River.

The revenue of states was calculated as the sum of the internally generated revenue (IGR) and allocations from the Federation Accounts Allocation Committee (FAAC).

The total IGR generated by states in 2018 was N1.103 trillion while the total FAAC allocations were N2.849 trillion.

Lagos State had the highest total revenue of N501.2 billion while Osun had the lowest at N33.2 billion.

“This implies that the total revenue of Lagos State was 13.9% of the combined total revenue of all states. Also, if the states with the highest and lowest revenues are compared, the revenue of Lagos State was 15 times or 1,518% of the revenue of Osun State,” the report read.

“The total revenue of Lagos State (N501.2 billion) exceeded total revenue of each of three zones: North Central (N378.7 billion), North East (N351.5 billion), and South East (N340.1 billion).

“While the total revenue received by Lagos State is higher than the total revenue of each of these zones, the total revenue of the South-South is higher than the combined total revenue of all three zones. The total revenue received by Lagos State is greater than the combined total revenues received by nine states (N449.49 billion) – Osun, Ekiti, Zamfara, Ebonyi, Gombe, Taraba, Cross River, Nasarawa, and Adamawa.”

On a zonal basis, the south-south zone recorded the highest total revenue (N1.102 trillion), followed by the south-west with N877.8 billion.

The north-west zone came in third with N546.5 billion, north-central with N378.7 billion, north-east with N351.5 billion and south-east recorded the lowest with N340.1 billion.

NEITI said the analysis was conducted using data obtained from the National Bureau of Statistics, Office of the Accountant General of the Federation and the Fiscal Disbursement Unit of NEITI.

-Sun

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