States’ IGR rose in first half of 2019 – NBS

States' IGR rose in first half of 2019 - NBS

The National Bureau of Statistics on Friday said that the 36 states of the federation and the Federal Capital Territory generated N691.1 billion in the first half of 2019.

The NBS in a report detailing the Internally Generated Revenue at State level for Q1-Q2 2019 the states witnessed an increase in their revenue when compared to N596.9 billion recorded in the second half of 2018.

This, the agency said, indicates a positive growth of 15.78 per cent.

Further breakdown of the figure showed that 31 states and the FCT recorded growth in IGR while five states recorded decline in IGR at the end of the period under review.

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The report showed that the net Federation Account Allocation Committee (FAAC) allocation in the first half of the year 2019 is put at N1.20 trillion while the total revenue available to the states including the FCT is put at N1.89 trillion.

However, the value of foreign debt stands at $4.23 billion while domestic debt hits N3.85 trillion at the end of the year 2018 respectively, the report said.

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Oladeinde Olawoyin reports Business & Economy, Development and Lagos Metro at PREMIUM TIMES. A First Class graduate of Mass Communication from the University of Ilorin, Ilorin, he was nominated in the journalism category of The Future Awards Africa in 2017.Aside maintaining a column titled SATURDAYSATIRE, he also writes art and culture pieces on weekends.Twitter: @Ola_deinde

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Author: Oladeinde Olawoyin

Source: https://www.premiumtimesng.com/business/business-news/357317-states-igr-rose-in-first-half-of-2019-nbs.html

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