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31.10.2024 Featured TABLE: Imo Bottom As 25 States Fail to Meet Their 2023 Revenue Target

Published 31st Oct, 2024

By Timileyin Akinmoyeje

In the 2023 fiscal year, 25 states in Nigeria failed to meet their revenue targets, FIJ can report.

This conclusion is based on a comparison of data from the Internally Generated Revenue report published by the National Bureau of Statistics and the revenue targets outlined in the budgets of these states.

Four states — Osun, Borno, Imo and Taraba — performed particularly poorly, bringing in less than 40% of what they had hoped for. Imo State was at the bottom of the pack, generating a mere N21 billion against a lofty target of N83 billion.

StateProjected Revenue (₦)Actual Revenue (₦)Percent Below TargetPerformance Category
Lagos1,011,060,022,425.40815,864,679,971.2719.30%11-20% below target
Rivers220,000,000,000.00195,414,581,585.3411.18%11-20% below target
Ogun198,748,909,826.51146,875,041,475.3626.11%21-30% below target
Delta95,000,000,000.00114,088,309,224.99-20.09%Exceeded target
Edo60,369,640,403.8864,671,497,361.77-7.12%Exceeded target
Kaduna89,277,209,534.0162,490,117,635.2230.03%21-30% below target
Kwara41,000,000,000.0059,642,678,119.83-45.48%Exceeded target
Oyo83,154,584,881.7852,745,497,059.0436.56%31-40% below target
Akwa Ibom47,849,617,600.0043,184,024,626.779.75%0-10% below target
Ondo32,009,919,000.0041,501,551,387.36-29.64%Exceeded target
Kano40,327,046,854.4737,379,619,998.267.31%0-10% below target
Enugu30,200,000,000.0033,862,940,857.74-12.14%Exceeded target
Anambra48,000,000,000.0033,461,368,560.4330.12%21-30% below target
Ekiti15,820,461,854.0932,096,050,316.10-102.88%Exceeded target
Cross River37,867,499,927.5531,560,579,757.5516.63%11-20% below target
Ebonyi19,218,945,640.0030,840,470,281.40-60.46%Exceeded target
Bauchi22,513,232,548.5630,584,925,750.61-35.86%Exceeded target
Osun48,855,104,290.0027,925,037,155.1742.83%41-50% below target
Jigawa22,431,619,000.0027,536,191,163.83-22.76%Exceeded target
Katsina33,101,888,021.0026,956,610,135.6818.56%11-20% below target
Kogi24,826,741,265.0026,780,470,381.06-7.87%Exceeded target
Plateau26,242,969,750.0025,844,931,675.451.52%0-10% below target
Nasarawa37,600,000,000.0023,487,435,037.2937.54%31-40% below target
Abia30,923,100,700.0023,733,850,109.2523.23%21-30% below target
Zamfara25,547,600,400.7422,162,590,810.5913.25%11-20% below target
Niger23,368,500,410.4521,675,391,059.117.23%0-10% below target
Imo83,481,199,152.4521,051,313,291.2274.79%More than 50% below target
Bayelsa20,000,000,000.0019,823,620,909.850.88%0-10% below target
Borno33,171,306,000.0019,454,028,414.2941.38%41-50% below target
Benue29,041,482,646.5619,116,355,922.4634.19%31-40% below target
Sokoto28,366,823,905.2317,961,334,445.3036.66%31-40% below target
Adamawa22,417,778,074.0017,066,189,975.8423.83%21-30% below target
Gombe18,217,450,000.0015,179,050,180.2516.70%11-20% below target
Kebbi10,186,764,164.8011,737,075,709.00-15.20%Exceeded target
Yobe12,251,677,000.0011,194,721,282.868.62%0-10% below target
Taraba19,388,694,342.4010,869,178,343.9443.92%41-50% below target
TABLE COMPARING IGR AND PROJECTED IGR. SOURCES: STATE BUDGETS,IGR REPORT NBS

Akwa Ibom, Enugu, Plateau, Bayelsa, Yobe, Niger and Kano states managed to perform just 0-10% below their revenue targets. Lagos, Rivers, Cross River, Zamfara and Adamawa did 11-20% below their projections.

READ ALSO: REVEALED: Only 11 States Can Generate Enough Money to Pay Workers in 2024

Ogun, Anambra, Abia, Kaduna and Adamawa were in the 21-30% range, while Oyo, Nassarawa, Benue and Sokoto saw themselves lagging by 31-40%.

On a brighter note, a handful of states such as Delta, Edo, Kwara, Ondo, Enugu, Ekiti, Ebonyi, Bauchi, Jigawa, Kogi and Kebbi managed to exceed their revenue targets for the year, proving that some regions are still finding ways to thrive.

This is not the first time states fall short of their revenue projections in Nigeria. When it happened in 2022, SBM International, the international consultancy organisation, warned that revenue shortfall could leave many states scrambling to meet their basic obligations.

As a result states may be unable to pay salaries, wages and pensions or fulfilling their infrastructural commitments without relying on loans or federal handouts.

“This means that when these oil revenues fall, it puts them in precarious situations, leaving them unable to meet their basic obligations,” they noted, referencing past instances where federal bailouts were necessary in 2017 and 2021, SBM had reported in 2022.

Reflecting the revenue challenge, the total debt stock of Nigerian states skyrocketed to N10.1 trillion, marking a 38.1% increase from the previous year.

READ ALSO:Despite Getting N7.3b Ecological Fund, 12 States With Flood Hotspots Used Only N3.6b for Environmental Projects

According to the States of States Report by Budgit, “the total debt stock of the 36 states surged by 38.1%, from N7.25 trillion in 2022 to N10.01 trillion in 2023”, a rise fueled by a N606.12 billion increase in domestic debt.

Lagos State, one of Nigeria’s most financially sustainable states, accounts for 26% of the total debt.

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Published 31st Oct, 2024

By Timileyin Akinmoyeje

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