2018 See Revenue Drive by State Governments Hit A Milestone
Taking a look at the internally generated revenue by the state governments in Nigeria, complied by the National Bureau of Statistics, shows that in 2018, shows that for the first time, the total revenue crossed the trillion Naira mark.
2018 Revenue Generation by Nigerian States
The top 5 states were responsible for more than more than 60% of the total generated, with 32 states responsible for the remaining 40%. Lagos State alone was responsible for 35% of the ₦1,103 billion generated by all the states, down from 40% in 2011.
Share of Total Internally Generated Revenue
Over the period of 2011 to 2018, the annual growth rate for the internal revenue by all states was 12.4%. More than half the states are growing faster than the national average, with Ogun State coming top.
However, when we look at the revenue in dollar terms, we use that the average growth is only about 1.9% and reached a peak in 2014, when the states generated US$ 4.46 billion, before crashing to just a little over US$3 billion. In 2018, the states saw their revenue rise for the first time in 4 years to US$ 3.6 billion.