36 states, FCT generate N2.57trn net revenue in 2018

March 22, 2020
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Fiscal Responsibility Commission (FRC) has put the total net revenue of the 36 states and Federal Capital Territory (FCT) at N2.57 trillion excluding the Internally Generated Revenue (IGR).

Mr. Victor Muruako, the Acting Chairman, FRC, disclosed this in the 2018 Annual Report and Audited Accounts of the commission and made available to the News Agency of Nigeria (NAN) in Abuja.

Muruako said that Delta had the highest total revenue of N213.63 billion and it accounted for 8.32 percent of the total net revenue of the 36 states and FCT.

He also said that Akwa-Ibom was second with N202.37 billion accounting for 7.88 percent of the total in the year under review.

He said that Rivers ranked third with a total of N172.63 billion or 6.72 percent of the total net revenue of the 36 states and FCT in 2018.

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“Bayelsa which ranked fourth had total revenue of N153.11 billion representing 5.96 percent of the total net revenue of all the states and FCT.”

According to him, the foregoing analysis shows that Delta, Akwa-Ibom, Rivers and Bayelsa states which recorded the highest total net revenue in 2018 are all oil-producing states that enjoy the statutory 13 percent crude oil derivation.

He said obviously, this must-have contributed to their respective total net revenue in relation to the other states.

“Lagos State accounted for the fifth-largest total revenue in 2018 with N119.02 billion representing 4.64 percent of the total net revenue of the 36 states and FCT.”

The acting chairman attributed the high revenue level of Lagos State in 2018 to the Value Added Tax (VAT) revenue generated by the state.

Muruako also said that Osun recorded the least total net of N22.84 billion representing 0.89 percent of the total net revenue for all the states and FCT in 2018.

He said that the low net revenue of Osun was due to the loan deduction at source from her gross statutory revenue.

He, however, said that an analysis of revenue accruing to the respective state governments was required to ascertain the states with relatively high funds for developmental purposes and those with comparative low total net revenue in 2018.

“The revenue profile of the states is necessary for comparison with their respective debt balances to determine their sustainability.

“It is instructive that the information above excludes the Internally Generated Revenue (IGR) of the states,” he added.

NAN

NIGERIAN TRIBUNE

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