36 states, FCT generate N2.57t net revenue in one year

The Fiscal Responsibility Commission has put the total net revenue of the 36 states and the Federal Capital Territory at N2.57 trillion, excluding the Internally Generated Revenue.
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.
Muruako said Delta State had the highest total net revenue of N213.63 billion and it accounted for 8.32 per cent of the total net revenue of the 36 states and the FCT.
He also said Akwa Ibom State was second with N202.37 billion, accounting for 7.88 per cent of the total net revenue in the year under review.
He said Rivers State ranked third with total net revenue of N172.63 billion or 6.72 per cent of the total net revenue of the 36 states and the FCT in 2018, adding: “Bayelsa which ranked fourth had total net revenue of N153.11 billion representing 5.96 per cent of the total net revenue of all the states and FCT.”
According to Muruako, the forgoing 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 per cent crude oil derivation.
He said obviously this must have contributed to their respective total net revenue in relation to the other states.
He added: “Lagos State accounted for the fifth largest total net revenue in 2018 with N119.02 billion representing 4.64 per cent 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 generated by the state.
Muruako also said Osun State recorded the least total net revenue of N22.84 billion, representing 0.89 per cent of the total net revenue for all the states and FCT in 2018.
He said the low net revenue of Osun State was due to the loan deduction at source from her gross statutory revenue.
He, however, said an analysis of revenue accruing to the respective state governments was required to ascertain the states with relative high funds for developmental purpose and those with comparative low total net revenue in 2018.
He said: “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.”
NAN.