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REVEALED: Lagos revenue in 2018 was higher than that of the entire south-east

REVEALED: Lagos revenue in 2018 was higher than that of the entire south-east
July 10
18:34 2019
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The total revenue received by the Lagos state government in 2018 was higher than what was received by the entire south-east region.

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

Lagos generated total revenue of N501.2 billion while the entire south-east region generated N340.1 billion.

The state’s 2018 revenue was also higher than that of the northeast and north-central, which was N351.5 billion and N378.7 billion respectively.

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.

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.

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Exchange Rates

July 08, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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