In 2022, the 36 states of Nigeria collectively generated ₦6.6 trillion in revenue, which represents a significant increase of 28.95% compared to the ₦5.12 trillion generated in the previous year.
This information was revealed by BudgIT in its 2023 State of States Report.
The report further highlighted that the total internally generated revenue (IGR) of the 36 states increased by 12.98%, rising from ₦1.61 trillion in 2021 to ₦1.82 trillion in 2022.
However, BudgIT pointed out that the IGR to GDP ratio remained low at 1.01%, indicating that there is still room for improvement in revenue generation.
“The cumulative revenue of the 36 states grew by 28.95% from ₦5.12 trillion in 2021 to ₦6.6 trillion in 2022. The Internally Generated Revenue (IGR) of the 36 states collectively increased by 12.98% from ₦1.61 trillion in 2021 to ₦1.82 trillion in 2022, indicating an enhanced capacity for domestic revenue mobilization. Nevertheless, the IGR to GDP ratio remained very low at 1.01%,” the report stated.
During the same period, the 36 states incurred a total expenditure of ₦8.2 trillion, marking a 24.7% increase from the ₦6.5 trillion spent in 2021. Consequently, there was a deficit of ₦1.6 trillion.
