2018 Lagos Revenue Bigger Than That Of Three Geopolitical Zones – Report

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The total revenue accrued by Lagos State in 2018 was higher than that obtained by the North-Central, North-East and South-East geopolitical regions.

This was disclosed in the Quarterly Review document of the Nigeria Extractive Industries Transparency Initiative (NEITI).

Revenue of states was calculated as the sum of the internally generated revenue (IGR) and allocations from the federation accounts allocation committee (FAAC).

According to the report, Lagos State earned N501.2 billion as revenue for the year 2018, while the North-Central, North-East and South-East geopolitical regions derieved N378.7 billion, N351.5 billion and N340.1 billion respectively during the same period under review.

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

The report read: “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 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.”

Assessing on a zonal basis, the South-South accrued the higest revenue at N1.102 trillion, followed by the South-West with N877.8 billion and North-West with N546.5 billion.

The North-Central came fourth with N378.7 billion, the North-East received N351.5 billion, while the South-East recorded the lowest revenue with N340.1 billion.

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

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