IGR rises to N396bn, as states incur N4.2tr debt

 
Fri Dec 1st, 2017 - Abia
 

By Babajide Komolafe

LAGOS—IN an apparent reflection of increased economic activities mirrored by the country’s recovery from recession in the second quarter of the year, the Internally Generated Revenue, IGR, of 33 states has risen by 17 per cent to N397 billion, year-on-year in the first half of the year (H1 2017).

However the 36 states of the federation have incurred total debt of N4.25 trillion comprising foreign debt of $3.9 billion (N1.4 trillion) and domestic debt of N2.847 trillion.

Lagos State recorded the highest IGR of N168 billion representing 42 per cent of total IGR during the period, followed by Ogun State with N39.85 billion and Delta State with N25.10 billion.

Gombe State recorded the lowest IGR of N1.69 billion, followed by Kebbi State with N2.28 billion and Adamawa State with N2.36 billion.

Nigeria Bureau of Statistics, NBS, disclosed this in its states IGR report for Q1-Q3 2017 released yesterday. The report revealed that three out of the 36 states have not reported their IGR for second quarter (Q2) of the year. The states are Anambra, Ebonyi and Rivers.

From N338.10 billion recorded in the first half of 2016 (H1 2016), the IGR of the 33 states rose by 17.4 per cent to N396.92 billion in H1 2017. The report stated that 25 states recorded increase in IGR while eight states recorded decline.

Nasarawa State recorded the highest increase of 238.19 percent followed by Jigawa State with 112.66 percent and Borno State with 109.98 per cent.

The states that suffer decline in IGR in H1 2017 were led by Adamawa State which suffered 37.58 percent decline. It was followed by Kano State with 35.53 per cent decline and Yobe State with 21.93 percent decline. Others are Akwa Ibom (-11.69 percent), Osun State (-10.39 per cent), Gombe (-4.7 percent), Cross River (-2.28 per cent) and Zamfara (-2.03 per cent).

The NBS also stated that the 33 states received N664.8 billion as net allocation from the federation account in H1 2017, which was 165 per cent higher than the amount received in H1 2016. It also stated that the total available revenue to the 33 states in H1 2017 was N1.054 trillion.

19 states record N473bn IGR in 9mths

The report also revealed that only 19 out of the 36 states have reported their IGR for the third quarter of this year (Q3 2017). The 17 states yet to report their IGR for Q3 are: Rivers, Sokoto, Nasarawa, Niger, Kwara, Kano,Katsina, Kebbi, Kogi, Gombe, Edo, Born, Bauchi, Adamawa, Abia Ebonyi and Anambra.

According to NBS, the 19 states recorded N473.08 billion as IGR from January to September (Q1 to Q3). The 19 states also recorded N149.45 billion IGR in the third quarter (Q3 2017).

In terms of IGR recorded from January to September, Lagos recorded the highest of N241.77 billion, representing 51 per cent of the total. Ogun came second with N56.76 billion, followed by Delta with N38.13 billion, Enugu with N17.19 billion and Oyo with N16.48 billion.

Yobe recorded the lowest IGR of N2.6 billion from January to September, followed by Zamfara with N3.34 billion, Ekiti with N3.79 billion, Taraba with N4.49 billion and Jigawa with N5.15 billion.

States incur N4.25 trillion debts

The NBS also reported that the 36 states have incurred foreign and domestic debts of N4.25 trillion. This comprises foreign debt of $3.9 billion (N1.4 trillion) and domestic debt of N2.847 trillion.

Analysis of the foreign debt profile showed that Lagos State led with $1.44 billion representing 37 percent of total foreign debt. Kaduna State came second with $232 million, followed by Edo State with $213 million, Cross River with $168 million and Enugu with $116 million.

The domestic debt profile was also dominated by Lagos state with N311.7 billion representing 11 per cent of total domestic debt. Delta State came second with N241 billion, followed by Akwa Ibom with N155.4 billion, Osun State with N147 billion and Rivers State with N142.4 billion.

 
 

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source: Vanguard