According to data released by the National Bureau of Statistics, states generated about N931.2 billion altogether in 2017 fiscal year1, representing 12 percent above the N831.2 billion generated in 2016. Further breakdown shows that 31 states recorded increases, while only about 5 states recorded slight declines in revenue generated internally; Lagos state generated 36 percent of total internally generated revenue (IGR). Notably, with a net FAAC allocation of N1.7 trillion, total revenue available to states stood at approximately N2.7 trillion in 2017. However, the states are still burdened with debts, given the N3.2 trillion and $4.1 billion owed as domestic and foreign debts respectively as at the end of December 2017. Going forward, improvements in tax collection and administrative capacities of revenue-generating agencies of other states, beyond Lagos, can further improve overall IGR.
Macroeconomic Report & Economic Updates
March 9, 2018
Nigeria Economic Update (Issue 12)
According to data released by the National Bureau of Statistics, states generated about N931.2 billion altogether in 2017 fiscal year1, representing 12 percent above the N831.2 billion generated in 2016. Further breakdown shows that 31 states recorded increases, while only about 5 states recorded slight declines in revenue generated internally; Lagos state generated 36 percent […]
Read →
Related
Nigeria Economic Update (Issue 5)
Recently released media highlights show that Nigeria has dropped in terms of macroeconomic indicator rankings in 2018. With a headline index of 2.77, Nigeria is ranked 158th globally out of 181 countries five places lower than the previous year rankings. Indicators suggest that Nigeria is presently behind 28 other African countries, and just ahead of only 4 West African countries (Mauritania, Togo, Niger and Guinea Bissau).
Nigeria Economic Update (Issue 2)
Inflation rate rose slightly to 9.4 percent in
November 2015 from 9.3 percent in the previous month. This rise is attributed
to price increase in Food and Non-Alcoholic Beverages, and Transportation costs
which extends from shortages of petrol across the country. The food
sub-index grew by 0.2 percentage points to 10. 1 percent while, the Core sub-index
declined by 0.2 percentage points to 8.7 percent within the period. The
inflationary up-tick points to the need to curtail the rising food prices by
increasing the supply of petrol in the country.
Nigeria Economic Update (Issue 4)
Recently released labour force report by the NBS shows a quarter-over-quarter increase in Nigerias working age and labour force population. Working population rose from 110.29 million in 2017Q2, to 111.13 million persons in 2017Q32. The working age population in 2017Q3 constituted 85.08 million persons in the labour force (an increase from 83.94 million), of which 40 percent were either unemployed or underemployed. Thus, total employed persons in the quarter reached 69.1 million.