FIJ
In the 2023 fiscal year, 25 states in Nigeria failed to meet their revenue targets, FIJ can report.
This conclusion is based on a comparison of data from the Internally Generated Revenue report published by the National Bureau of Statistics and the revenue targets outlined in the budgets of these states.
Four states — Osun, Borno, Imo and Taraba — performed particularly poorly, bringing in less than 40% of what they had hoped for. Imo State was at the bottom of the pack, generating a mere N21 billion against a lofty target of N83 billion.
| State | Projected Revenue (₦) | Actual Revenue (₦) | Percent Below Target | Performance Category |
|---|---|---|---|---|
| Lagos | 1,011,060,022,425.40 | 815,864,679,971.27 | 19.30% | 11-20% below target |
| Rivers | 220,000,000,000.00 | 195,414,581,585.34 | 11.18% | 11-20% below target |
| Ogun | 198,748,909,826.51 | 146,875,041,475.36 | 26.11% | 21-30% below target |
| Delta | 95,000,000,000.00 | 114,088,309,224.99 | -20.09% | Exceeded target |
| Edo | 60,369,640,403.88 | 64,671,497,361.77 | -7.12% | Exceeded target |
| Kaduna | 89,277,209,534.01 | 62,490,117,635.22 | 30.03% | 21-30% below target |
| Kwara | 41,000,000,000.00 | 59,642,678,119.83 | -45.48% | Exceeded target |
| Oyo | 83,154,584,881.78 | 52,745,497,059.04 | 36.56% | 31-40% below target |
| Akwa Ibom | 47,849,617,600.00 | 43,184,024,626.77 | 9.75% | 0-10% below target |
| Ondo | 32,009,919,000.00 | 41,501,551,387.36 | -29.64% | Exceeded target |
| Kano | 40,327,046,854.47 | 37,379,619,998.26 | 7.31% | 0-10% below target |
| Enugu | 30,200,000,000.00 | 33,862,940,857.74 | -12.14% | Exceeded target |
| Anambra | 48,000,000,000.00 | 33,461,368,560.43 | 30.12% | 21-30% below target |
| Ekiti | 15,820,461,854.09 | 32,096,050,316.10 | -102.88% | Exceeded target |
| Cross River | 37,867,499,927.55 | 31,560,579,757.55 | 16.63% | 11-20% below target |
| Ebonyi | 19,218,945,640.00 | 30,840,470,281.40 | -60.46% | Exceeded target |
| Bauchi | 22,513,232,548.56 | 30,584,925,750.61 | -35.86% | Exceeded target |
| Osun | 48,855,104,290.00 | 27,925,037,155.17 | 42.83% | 41-50% below target |
| Jigawa | 22,431,619,000.00 | 27,536,191,163.83 | -22.76% | Exceeded target |
| Katsina | 33,101,888,021.00 | 26,956,610,135.68 | 18.56% | 11-20% below target |
| Kogi | 24,826,741,265.00 | 26,780,470,381.06 | -7.87% | Exceeded target |
| Plateau | 26,242,969,750.00 | 25,844,931,675.45 | 1.52% | 0-10% below target |
| Nasarawa | 37,600,000,000.00 | 23,487,435,037.29 | 37.54% | 31-40% below target |
| Abia | 30,923,100,700.00 | 23,733,850,109.25 | 23.23% | 21-30% below target |
| Zamfara | 25,547,600,400.74 | 22,162,590,810.59 | 13.25% | 11-20% below target |
| Niger | 23,368,500,410.45 | 21,675,391,059.11 | 7.23% | 0-10% below target |
| Imo | 83,481,199,152.45 | 21,051,313,291.22 | 74.79% | More than 50% below target |
| Bayelsa | 20,000,000,000.00 | 19,823,620,909.85 | 0.88% | 0-10% below target |
| Borno | 33,171,306,000.00 | 19,454,028,414.29 | 41.38% | 41-50% below target |
| Benue | 29,041,482,646.56 | 19,116,355,922.46 | 34.19% | 31-40% below target |
| Sokoto | 28,366,823,905.23 | 17,961,334,445.30 | 36.66% | 31-40% below target |
| Adamawa | 22,417,778,074.00 | 17,066,189,975.84 | 23.83% | 21-30% below target |
| Gombe | 18,217,450,000.00 | 15,179,050,180.25 | 16.70% | 11-20% below target |
| Kebbi | 10,186,764,164.80 | 11,737,075,709.00 | -15.20% | Exceeded target |
| Yobe | 12,251,677,000.00 | 11,194,721,282.86 | 8.62% | 0-10% below target |
| Taraba | 19,388,694,342.40 | 10,869,178,343.94 | 43.92% | 41-50% below target |
TABLE COMPARING IGR AND PROJECTED IGR. SOURCES: STATE BUDGETS,IGR REPORT NBS
Akwa Ibom, Enugu, Plateau, Bayelsa, Yobe, Niger and Kano states managed to perform just 0-10% below their revenue targets. Lagos, Rivers, Cross River, Zamfara and Adamawa did 11-20% below their projections.
Ogun, Anambra, Abia, Kaduna and Adamawa were in the 21-30% range, while Oyo, Nassarawa, Benue and Sokoto saw themselves lagging by 31-40%.
On a brighter note, a handful of states such as Delta, Edo, Kwara, Ondo, Enugu, Ekiti, Ebonyi, Bauchi, Jigawa, Kogi and Kebbi managed to exceed their revenue targets for the year, proving that some regions are still finding ways to thrive.
This is not the first time states fall short of their revenue projections in Nigeria. When it happened in 2022, SBM International, the international consultancy organisation, warned that revenue shortfall could leave many states scrambling to meet their basic obligations.
As a result states may be unable to pay salaries, wages and pensions or fulfilling their infrastructural commitments without relying on loans or federal handouts.
“This means that when these oil revenues fall, it puts them in precarious situations, leaving them unable to meet their basic obligations,” they noted, referencing past instances where federal bailouts were necessary in 2017 and 2021, SBM had reported in 2022.
Reflecting the revenue challenge, the total debt stock of Nigerian states skyrocketed to N10.1 trillion, marking a 38.1% increase from the previous year.
According to the States of States Report by Budgit, “the total debt stock of the 36 states surged by 38.1%, from N7.25 trillion in 2022 to N10.01 trillion in 2023”, a rise fueled by a N606.12 billion increase in domestic debt.
Lagos State, one of Nigeria’s most financially sustainable states, accounts for 26% of the total debt.
THIS STORY FIRST APPEARED IN FIJ
