Revealed: Lagos 2018 Revenue Surpasses Entire South-East Region

Reports coming in reveals that the total revenue generated by the Lagos state government in 2018 was higher than what was generated by the entire south-east region.

Lagos state has been known before now for its huge revenue when compared with other states in the federation.

The south-east region consists of five states namely: Abia, Anambra, Ebonyi, Enugu and Imo.

The state’s 2018 revenue was also higher than that of the northeast and north-central.

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

The revenue of states was calculated as the sum of the Internally Generated Revenue (IGR) and allocations from the Federation Accounts Allocation Committee (FAAC).

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

Foto druk verkeer in Lagos, Nigeria. Als voorbeeld; graag keuzebeelden
Traffic jams form along Nnamdi Azikiwe street in Lagos January 22,
2003. Drivers in Lagos are stopping to gape at UFOs – unidentified
flashing objects – that have been mysteriosly appearing at busy
intersections around the city of Lagos, the commercial nerve centre of
Nigeria. REUTERS/George Esiri

Lagos state had the highest total revenue of N501.2 billion while Osun had the lowest at N33.2 billion.

“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 report read.

“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.”

On a zonal basis, the south-south zone recorded the highest total revenue (N1.102 trillion), followed by the south-west with N877.8 billion.

The north-west zone came in third with N546.5 billion, north-central with N378.7 billion, north-east with N351.5 billion and south-east recorded the lowest with N340.1 billion.

Source: The Cable

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