EconomyHeadlines States record negative economic growth in 2020 — as IGR slumps to N1.31 trillion By maritimemag April 18, 2021 ShareTweet 0 Visits for this story : 9 States Internally Generated Revenue fell by N20bn to N1.31tn as of the end of 2020 from N1.33tn as of the end of 2019. The National Bureau of Statistics disclosed in its report on ‘Internally Generated Revenue at state level for fourth quarter and full year 2020’. According to the report, the Q4, 2020 IGR for states and FCT also fell to N335.25bn from N338.57bn recorded in Q3, 2020. It showed that Lagos still led the IGR with a figure of N418.99bn. Part of the report read, “The 36 states and FCT IGR figure hit N1.31tn in 2020 compared to N1.33tn recorded in 2019. “This indicates a negative growth of -1.93 per cent year on year. “Similarly, the Q4, 2020 states and FCT IGR figure hit N335.25bn compared to N338.57bn recorded in Q3, 2020. “This indicates a negative growth of -0.98 per cent quarter on quarter. “Lagos state has the highest Internally Generated Revenue with N418.99bn recorded, followed by Rivers with N117.19bn, while Yobe State recorded the least Internally Generated Revenue.” According to the NBS, in 2020, the FCT earned N92.05bn, Delta N59.73bn, Kaduna N50.77bn, Ogun N50.75bn, Oyo N38.04bn, Kano N31.82bn, Akwa Ibom N30.70bn, Anambra N28.01bn and Edo had N27.18bn. Ondo had N24.85bn, Enugu had 23.65bn, Osun had N19.67bn, Kwara N19.6bn, Plateau N19.12bn, Zamfara N18.50bn, Kogi N17.36bn, Imo N17.08bn, Cross River N16.18bn, Abia N14.38bn, Kebbi N13.78bn and Ebonyi had N13.59bn. Bauchi had N12.5bn, Nasarawa had N12.47bn, Bayelsa N12.18bn, Sokoto N11.80bn, Borno N11.58bn, Katsina N11.40bn, Niger N10.52bn, Benue N10.46bn, Ekiti N8.72bn and Jigawa had N8.67bn. According to the NBS, Gombe had N8.54bn, Adamawa N8.33bn, Taraba had N8.11bn and Yobe had N7.78bn. The Lagos State topped other states of the federation, including the Federal Capital Territory, in Internally Generated Revenue in 2020, realising a total of N418.99bn in the year. It showed that in spite the challenges posed by the COVID-19 pandemic and the EndSARS mayhem, Lagos State increased its IGR by 5.08 per cent. The state generated a total of N114bn in first quarter of 2020; N90.51bn in second quarter, in N107.84bn in third quarter, and N106.63bn in fourth quarter, making a total of N418.99bn. The state’s 2020 IGR of N418.99bn increased by N20.26bn, when compared with N398.73 generated in 2019. The report indicated that Lagos State contributed a share of 32.08 per cent of the total IGR of N1.31 trillion realised by the states in the country in 2020. ”The 36 states and FCT IGR figure hits N1.31trn in 2020 compared to N1.33trn recorded in 2019. This indicates a negative growth of -1.93 per cent year on year. ”Lagos State has the highest Internally Generated Revenue with N418.99bn recorded, closely followed by Rivers with N117.19bn while Yobe State recorded the least Internally Generated revenue,” the NBS report indicated. © 2021, maritimemag. All rights reserved.