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Lagos, 5 other states reportedly generate more IGR than 30 states combined

Lagos, 5 other states reportedly generate more IGR than 30 states combined

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Lagos, 5 other states reportedly generate more IGR than 30 states combined

Story from Matthew ELOYI

The fifth Annual States Viability Index (ASVI) released by The Economic Confidential has shown that eight states are insolvent as their Internally Generated Revenues, (IGR) in 2020 were far below 10% of their receipts from the Federation Account Allocations (Lagos, 5 other states reportedly) in the same year.

The index proved that without the monthly disbursement from the Federation Account Allocation Committee (FAAC), many states remain not viable, and cannot survive without the federally collected revenue, mostly from the oil sector.

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The IGR of the 36 states of the federation totaled N1.3 trillion in 2020 was the same figure in 2019. The report by the Economic Confidential, an intelligence magazine further indicates that the IGR of Lagos State of N418bn is higher than that of 22 other States put together whose Internally Generated Revenues are extremely low, and poor compared to their allocations from the Federation Account.

Lagos remained steadfast in its number one position in IGR among the states with a total revenue generation of N418bn compared to FAA of N299bn which translates to 139% in the twelve months of 2020. It is followed by Rivers State which generated IGR of N117bn compared to its FAA of N198bn representing 58%; Ogun with N50bn compared to FAA of N88bn representing 57%; Kaduna State with N50bn compared to FAA of N124 bn representing 40%; Oyo with IGR of N38bn compared to FAA of N127bn representing 29.7% and Anambra generated N28bn compared to FAA of N94bn representing 29.6%.

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The total internally generated revenues of the six most viable states in 2020 at N695bn as computed by the Economic Confidential was more than the entire IGR collected by the remaining 30 states put together which was less than N600bn.

Others with impressive IGR include Edo with IGR of N27bn compared to FAA of N99bn representing 27%,  Enugu with IGR of N23bn compared to FAA of N87bn representing 27%, Ondo with IGR of N24bn compared to FAA of N97bn representing 25.6% while Kwara State earned N19bn IGR against FAA of N77bn representing 25.5%.

Lagos, 5 other states reportedly generate more IGR than 30 states combined

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