The 36 states in Nigeria recorded N6.6 trillion in revenue in 2022, representing a 28.95 per cent increase from the N5.12 trillion generated the previous year.
BudgIT disclosed this on Tuesday in its 2023 State of States Report.
The report noted that the total internally generated revenue (IGR) of the 36 states appreciated by 12.98 per cent from 1.61 trillion in 2021 to 1.82 trillion in 2022.
However, BudgIT stated that the IGR to GDP ratio remained low at 1.01 per cent in the period under review.
“The cumulative revenue of the 36 states grew by 28.95 per cent from N5.12 trillion in 2021 to N6.6 trillion in 2022. Together, the Internally Generated Revenue (IGR) of the 36 states appreciated by 12.98 per cent from N1.61 trillion in 2021 to N1.82 trillion in 2022, denoting a strengthened domestic revenue mobilisation capability. Nonetheless, the IGR to GDP ratio remained very low at 1.01 per cent,” the report stated.
The 36 states spent a total expenditure of N8.2 trillion, 24.7 per cent higher than the N6.5 trillion spent in 2021, resulting in a deficit of N1.6 trillion under review.
