For the half year 2018 states and FCT internally generated revenue has hit N579.49billion compared to N453.83billion recorded in half year 2017.
This indicates a growth of 27.7 per cent year on year. Twenty-eight states recorded growth in IGR, while eight states which include Abia, Anambra, Benue, Taraba, Kebbi, Kwara, Ebonyi and Enugu recorded a decline at the end of the first six months in 2018.
Lagos State recorded the highest IGR at N196.39 billion at half year 2018 which is an increase from the N168.02 billion recorded at half year 2017. The data revealed that the state generated N96.23 billion in the first quarter of 2018, while second quarter witnessed an increase to N100.15 billion.
According to data from the National Bureau of Statistics (NBS), the net FAAC allocation in half year 2018 was put at N1.23 trillion, while the total revenue available to the states was put at N1.74 trillion. However, the value of foreign debt stands at $4.22billion, while domestic debt hits N3.38 trillion at the end of 2018 half year respectively.
Meanwhile, the Federation Account Allocation Committee (FAAC) disbursed the sum of N741.84billion to the three tiers of government in September 2018 from the revenue generated in August 2018. The amount disbursed comprised N627.14billion from the statutory account, N114.54bn from Valued Added Tax (VAT) and N162.08billion exchange gain difference.
Federal government received a total of N291.46billion from the N741.84billion. States received a total of N194.45billion and local governments received N146.01billion. The sum of N53.05billion was shared among the oil producing states as 13 per cent derivation fund, while N40.00billion was transferred to Excess Crude Account (ECA).
Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N5.24billion, N8.29billion and N3.34billiuon respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the federal government revealed that the sum of N236.19billion was disbursed to the FGN consolidated revenue account, N5.22billion shared as share of derivation and ecology, N2.61billion as stabilisation fund, N8.77billion for the development of natural resources and N6.28billion to the Federal Capital Territory (FCT) Abuja.