Ever wanted to know the Nigerian states that generate the highest revenues in the country? If yes, then look no further as this post seeks to list the top revenue-generating states in Nigeria.
Most of the states in Nigeria, if not all, can survive without the aid of the federal government. This is so because the source of their Internally Generated Revenue (IGR) caters for their needs.
Poor states can’t do the same as they are dependent on the allocation they get from the center. Since Nigeria is dependent on oil, it is normal that most oil-producing states should have favourable positions on the list.
Top 10 Highest Revenue Generating States in Nigeria (2020)
Below are the top 10 highest revenue-generating states in Nigeria (2020):
Lagos state is ranked first as the state with the highest IGR by the Nigerian Bureau of Statics. The revenue generated by Lagos alone stands at an impressive N268,224,782,435.23. This shows that Lagos State can stand on its own as a country.
Although, Lagos is one of the states with the highest allocation in Nigeria, a major source of Lagos state IGR is taxed from top companies, business owners, citizens and also from investment. No wonder that Lagos is the richest state in Nigeria today. Also, it is the most populated state in the country with over 25 million citizens living within its territory.
Rivers state is the second state with the highest generated income with an impressive figure of N82,101,298,408.43 generated only in 2015. Let’s not forget that Rivers is the second richest Nigerian state blessed with natural resources such as oil, gas, crude oil, and other minerals.
It is this oil-producing state that funds the economy of the nation and you hardly hear of the state government owing to its workers as its internally generated revenue solves major problems in the region.
Located in the southern part of Nigeria, Delta IGR as collated by the Nigerian Bureau of Statics recently was N40,805,656,911.96. With such an impressive figure, you might wonder how a population of just 4 million people merited their place on this list.
In another report, Delta state grosses a total GDP of $16.749 billion at a $3, 990 per capita level.
Ogun state is the most industrious state in the country with the highest number of factories in Nigeria. Also located in the south west region, just like Lagos, this state is also on the list of highest revenue-generating states in the country with an estimated figure of N34,596,446,519.52 by the NBS.
Apart from generating income from tax and business holders, tourism, its natural resources and monies collected from markets are just a few sources of Ogun state IGR.
One major source of Edo state wealth is tourism. In a recent list of IGR of states in Nigeria, Edo income revenue was put at N19,117,468,369.25. Suffice to say that Edo is also an oil producing state with a GDP of $11.88 billion and a per capita of $3.623.
The state has over 3 million persons populating its large land mass area and it is ranked 5th richest state in the country.
Enugu is one of the wealthiest states in the south east region of the country. The mineral resources you can find there is coal which when refined can be used to produce energy. The GDP for Enugu is $4.3 billion and the state has an internally generated revenue of N18,081,014,527.00.
This Nigerian state also has been listed among the highest revenue generating states with N15,663,514,824.73 to its credit. Apart from its yearly GDP of $16 billion dollars, Oyo state indigenes are mostly farmers. The state relies more on agricultural products as its source of IGR.
Some of the agricultural products grown in this state include yam, maize, plaintain, cocoa which are either eaten by its citizens or exported.
8. Akwa Ibom
Akwa Ibom isn’t the state with the highest allocation in Nigeria but does pretty well in terms of its IGR with a figure of N14,791,175,253.00.
Even though its among the wealthy states in the country, it does well economically unlike other states in its region (south south). Apart from oil and gas, tourism is also another source of its Internal generated revenue.
If you have noticed during the past years, Anambra state remains the only state that has not owed teachers salary or had any problem when it comes to finance.
Despite the fact that the allocation to this state is small, the income it generates is at a high of N14,791,175,253.00. One wonder how this state survives during this economic downturn affecting the whole country.
Unfortunately, Kano state is the only northern state with highest IGR in the country with a Gross Domestic Product of $12.39 billion dollars and per capita of $1,399.
Kano managed to curf out N13,611,853,935.85 according to the NBS. It also one of the richest northern states in the country.