The Internally Generated Revenue (IGR) of the 36 states and the Federal Capital Territory (FCT) have slumped by 11.7 per cent; leaving it at N612.87 billion in the first half of 2020.
Data from the National Bureau of Statistics (NBS) released on Tuesday showed that the revenue was N693.91bn in the first half of 2019; representing N81.04 million decline.
In the second quarter of 2020, the IGR dropped to N259.73bn compared to N353.14bn recorded in the first quarter of 2020, indicating a negative growth of -26.5 per cent per quarter.
Analysis of the report showed that Lagos State has the highest IGR with N204.51bn by June, 2020, being 33.37 per cent of the states and the FCT.
Lagos is closely followed by Rivers with N64.59bn, being 10.54 per cent of the total IGR. Jigawa recorded the least IGR of N3.01bn in the first half of 2020, being 0.49 per cent of the IGR.
State IGR data is computed by the NBS and the Joint Tax Board from official records and submissions by the 36 state boards of internal revenue.
Meanwhile, the total revenues available to states and the FCT in the first half of 2020 was N1.73 trillion. The Federal Account Allocation Committee (FAAC) contributed N1.12trn and IGR was N612.87trn, representing 64.7% and 35.3% of the entire revenues.
Only Lagos, Ogun and FCT recorded IGRs of above 50% of their revenues: Lagos’ IGR was N205.2bn (80.3%), and FAAC was N50.03bn (19.7%); Ogun had N23.7bn (57.8%) as IGR and N17.33bn (42.3%) as FAAC; FCT had N35.21bn (64.7%) IGR, and N33.05bn (35.3%) from FAAC allocations.
