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The Nigeria State Economy at a Glance

The total FAAC Allocations received by states have significantly reduced from 2.9trillion and 2.5trillion in 2013 and 2014 to 1.2trillion and 1.7trillion received in 2016 and 2017 respectively. In 2017, Lagos state accounted for approximately 35.86 percent of total IGR collected. Total debt stock of Nigerian states has increased significantly from the 2012 level of N1.79 trillion to N4.49 trillion in 2017. Total debt profile of the states rose from the 2014 level of N2.13 trillion to 2017 level of N4.49 trillion.

See Federal Economy at a Glance

Abia State

Abia State FAAC allocation grew from the 2011 figure of 48.1bn in 2011 to 54.9 in 2014 but significantly reduced to 30.7bn in 2016. It’s Internally Generated Revenue (IGR) was N14.92bn and N12.69bn in 2017 and 2016 respectively. Abia’s domestic debt profile - pegged at N53.5bn in December 2016 now stands at N60.65bn as at December, 2017

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Adamawa State

Adamawa State FAAC allocation grew from the 2016 figure of 29.7bn to 37.4bn in 2017. It’s Internally-generated revenue was N6.2bn in 2017, a rise from N5.78bn in 2016. For 2013, 2014 and 2015, IGR was N4.15bn, N4.62bn and N4.4bn. Domestic debt which was N62.15bn as at the end of 2016 is now N69.61bn in 2017; a rise of 163%, from 2014 levels of N26.44bn.

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Akwa Ibom State

As at year-end 2016, IGR stood at N23.269bn, rising from N14.791bn in 2015; but as shown by the N15.9bn IGR for 2017, IGR in 2013 and 2014 was N15.398bn and N15.676bn respectively. While it’s FAAC Allocation rose from N104bn to 143bn. Domestic debt rose from N81.756bn in 2014, to N155.4bn as at the end of 2016, and was an estimated N187.3bn as 2017.

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Anambra State

Anambra State received the total sum of N38.8bn in 2017 compared to the 2016 figure of N30.7bn. The 2016 Internally-generated revenue (IGR) for Anambra grew from N16.19bn 2016, to N17.37bn.. Domestic debt was N2.6bn as at end-December 2017, lower than 2015 levels of N3.99bn. External debt was approximately $50.5mn, which puts Anambra’s Total debt at N28.97bn.

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Bauchi State

Bauchi FAAC Allocation in 2017 was N39.5bn which rose from the 2016 allocation of N32.4bn. In 2013 and 2017, IGR grew at a yearly average of 5.17%. Currently, IGR stands at N4.37bn, falling from N8.68bn in 2016. Between 2013 and 2017, Domestic debt grew an average of 49.87% per year; from N16.8bn to a whopping N74.02b. With regards to External debt, Bauchi had racked up $109.8mn, which puts the state’s Total debt profile at N107.7bn, as at December 2017.

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Bayelsa State

Bayelsa FAAC allocation dropped from N187.9bn in 2013 to N58.bn in 2016 but witnessed growth in 2017 to N105.2bn. The Domestic debt grew from approximately N69.51bn in 2013 to N129.5bn in 2017; at an annual average of 18.15%. Domestic debt was N91.68bn, N103.37bn and N140.18bn in 2014, 2015 and 2016 respectively. External debt was $47.8mn, effectively pegging the state’s Total debt at N144.12bn as year-end 2017.

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Benue State

Benue State IGR has tremendously grew from N7.6bn in 2015 to N12.3bn in 2017, while it’s FAAC Allocations dropped from N58.1bn in 2013 to N29.7bn in 2016, it witnessed some little growth to about N39.8bn in 2017. Benue State Domestic debt, estimated at N24.99bn in 2013, has since grown to N74.94bn in 2017, while External debt stood at N35.5bn as at year- end 2017.

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Borno State

Borno’s Domestic debt rose at an average rate of 26.65% yearly, between 2013 and 2017; specifically from N23.94bn in 2013 to N54.04bn in 2017. For 2014, 2014 and 2015, Domestic debt was N22.3bn, N22.34bn and N30.93bn in Respectively. While External debt stood at $22.59mn as at December 2017, overall, the state’s Total debt was approximately N60.97bn in 2017.The state’s IGR grew to N4.98bn, from 2016 levels of N2.68bn; in 2013, 2014 and 2015, IGR was N2.13bn, N2.76bn and N3.53bn

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Cross River State

Total debt of Cross-River State as at the end of 2017 was approximately N177.16bn, with External debt growing to $167.9mn in 2017, from $114.9mn in 2016. Domestic debt also rose to N125.65bn in 2017, from N116.06bn in 2013; on average, Domestic debt grew by 2.27% annually, between 2013 and 2017. Internally-generated revenue (IGR) for Cross River in 2017 was recorded at N18.10bn, a leap from 2016 levels of N14.78bn; IGR was N12bn, N15.74bn and N13.57bn in 2013, 2014 and 2015 respectively.

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Delta State

Delta State total FAAC Allocation for 2014 was N63.2bn which dropped to N36.9bn in 2016. The total amount of FAAC received in 2017 was N46.5bn. Internally generated revenue realised as IGR in 2017 was N51.89bn. In 2016, 2015 and 2014, IGR fluctuated, at N44.8bn, N40.81bn and N42.82bn. Domestic debt declined down from 2015 levels of N320.61bn to N228.32bn in 2017. External debt as at the conclusion of 2017 was $58.39mn, putting Delta State’s total debt at N246.34bn.

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Ebonyi State

Ebonyi State FAAC Allocation was N49.7bn in 2014 but witnessed a decline in 2016 to N17.3bn. Total debt which stood at N34.6bn as at year-end 2017, is growing. Domestic debt rose from N13.2bn in 2013 to N34.17bn in 2015. In 2016, Domestic debt reduced to N28.06bn

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Edo State

As at year-end 2017, the state’s Domestic debt profile stood at N68.5bn; Edo also projects raising N25.06bn from the foreign debt market in 2018. In all, Total revenue (from IGR and FAAC) in 2017 was N62.19bn.

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Ekiti State

Actual revenue in 2017 was N30.6bn, with internally-generated revenue (IGR) contributing 16.23% to the revenue mix. IGR has more than doubled from N2.34bn in 2013 to N4.96bn in 2017; on average, IGR grew by 25% per annum between 2013 and 2017. Total debt as at December 2017 was N141.44bn, while External debt which was $56.9mn as at December 2016, rose to $78.05mn in 2017.

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Enugu State

Enugu aims for IGR of about N30bn in 2018; IGR in 2017, 2016 and 2015 was N22.04bn, N14.24bn and N18.08bn. It’s domestic debt stock rose significantly from N6.95bn in 2014 to N34.1bn in 2015 with its external debt stock in 2017 at $63.3m putting the state total debt stock at 2017 at N54bn

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Gombe State

Gombe State Internally-generated revenue (IGR) was N5.27bn by the end of fiscal year 2017, from N2.94bn in 2016.The state’s Domestic debt grew at an annual average rate of 15.89% from 2013 to 2017, with its IGR growing at 16.79%. Domestic debt for Gombe amounted to N41.9bn as at December 2017, which was a significant rise from the N27.99bn recorded in 2013. External debt was $31.19mn, by year-end 2017.

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Imo State

In 2017, IGR stood at N6.85bn; far lower than the N8.1bn achieved in 2014; for 2015 and 2016, IGR was N5.47bn and N5.87bn respectively amid Total debt stock of N100.06bn as at 2017. Domestic debt for Imo grew from N12.63bn in 2013, to N80.79bn in 2017, at an annual average of 73.40%. While it’s FAAC Allocation also reduced from N40.1bn in 2015 to N25.4bn in 2016. External debt is just as significant, presently recorded at $62.85bn as at December 2017.

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Jigawa State

Jigawa State Internally-generated revenue (IGR) was approximately N6.65bn in 2017; a rise from N3.54bn in 2016 level but more of a declining trend, when figures of N9.76bn, N6.27bn and N5.08bn in 2013, 2014 and 2015. External debt at $33.5mn (for 2017) is also on the up, from 2016 levels of $32.4mn.

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Kaduna State

Kaduna State FAAC allocation from the 2016 figure of N18.7bn in 2016 to N25.6bn in 2017 while it’s actual IGR receipts for Kaduna State was N26.53bn - an improvement from N23bn in 2016, and N13.6bn in 2015. Total debt is in the region of N156.92bn, while Domestic debt at N83.83bn in 2017 from N9.83bn in 2013. Kaduna’s Domestic debt grew at an average annual rate of 81.97% between 2013 and 2017, while External debt in 2017 came to $282.28mn.

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Kano State

In 2017, Total IGR was N42.24bn, from N30.96bn in 2016; the numbers recorded for 2013 and 2014 were N17.14bn and N13.66bn respectively.Total debt was N112.67bn at the end of 2017; in 2018, Kano is looking to close the deficit by raising more Debt totalling N28.95bn. Domestic debt as at year-end 2017 was approximately N92.26bn, growing from N21.4bn in 2014; External debt within this period was approximately $66.53mn.

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Katsina State

Internally generated revenue (IGR) contributed a meagre 11.51% to Katsina’s revenue pool in 2017 with FAAC allocation witnessing a sharp drop from the N51.7bn in 2014 to N30.9bn in 2016. Total debt as at year end of 2017 was N59.93bn, and Domestic debt grew astronomically to N31.12bn in 2017, from N269.65mn in 2013. Domestic debt in 2014 and 2015 was N586.7mn and N11.45bn respectively, while External debt for Katsina was $67.86mn for the 2017 financial year.

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Kebbi State

For 2013, 2014 and 2015, IGR was N3.73bn, N3.83bn and N3.59bn respectively. Debt on the other hand tended to accelerate faster, averaging 565.22% in annual growth between 2013 and 2017. Kebbi’s Total debt stood at N63.4bn for 2017, with Domestic debt rising from N852.68mn in 2013 to N48.73bn in 2017. Meanwhile, External debt at year-end 2017 was approximately $47.8mn, up from 2016 levels of $46.1mn.

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Kogi State

Kogi State closed 2017 with a Domestic Debt profile of N102.36 bn with it’s IGR also witnessing a drop from N4.7bn in 2014 to N2.94bn in 2016. Even though, it’s FAAC Allocation rose from N22.4bn in 2016 to 31.2bn in 2017. There is an unprecedented 1338% rise from N7.11bn in 2013. Domestic debt in 2014, 2015 and 2016 was N10.3bn, N42.03bn and N71.38bn respectively.

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Kwara State

Total debt for Kwara as at end December 2017 was approximately N55.83bn. Domestic debt stock has since risen to N40.26bn in 2017, from N22.42bn in 2013 . For 2014, 2014 and 2016, Domestic debt was N22.15bn, N31.97bn and N38.14bn respectively. External debt was recorded at $50.73bn by year-end 2017.

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Lagos State

Lagos state is maintaining the highest external debt stock of $1.47bn while it’s Total debt stock at the end of 2017 was N813.04bn, and Domestic debt is on the rise. In 2017, Domestic debt grew from 2016 levels of N311.76bn to N363.29bn. Lagos State FAAC allocation also reduced from N105bn in 2014 to N78.7bn in 2016.

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Nasarawa State

As at year-end 2016, IGR was approximately N3.4bn, significantly down from 2014 and 2015 figures of N4.1bn and N4.3bn.In 2017, Total debt was approximately N90.65bn: Domestic debt at N71.36bn, up from N59.05bn in 2016, while External debt was $62.88mn in 2017

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Niger State

Total debt as at the end of fiscal year 2017 was N57.46bn, and Domestic debt grew to N40.03bn in 2017, from N24.7bn in 2013. Niger’s External debt as at 2017 was $56.82mn, from 2016 levels of $45.35mn. IGR over the last five years grew at an annual average of 13.2%, from N4.12bn to N6.52bn; IGR in 2014, 2015 and 2016 was N5.74bn, N5.98bn and N5.88bn

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Ogun State

Ogun state collected N14,343 per person, with IGR contributing approximately 74.08% to Total revenue in 2017. With an External debt overhang of $107.5mn as at December 2017 (from $103.4mn in 2016), coupled with an increase in Domestic debt from N58.38bn in 2013 to N106.53bn in 2017. IGR grew at an annual average rate of 59.56%, Domestic debt is also accelerating, at about 17.58% every year.

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Ondo State

Domestic debt has almost doubled from N30.88bn in 2013, to N58.55bn in 2017. External debt has more or less moved within a tight range; from $50.2m in 2015, down to $49.53m in 2016, then growing to $50.25mn in 2017. the state’s IGR dropped from N11.72bn in 2014, to N10.93bn in 2017.

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Osun State

External debt has hit an all-time high of $96.6mn in 2017, from $70.5mn in 2016 and $76.9mn in 2015. Domestic debt which spiralled from N41.4bn in 2013 to N147.07bn in 2016, is trending lower, amounting to N138.24bn in 2017. Its IGR is dropping - from N8.88bn in 2016 to N6.49bn in 2017; IGR in 2013, 2014 and 2015 was N7.28b, N8.51bn and N8.07bn respectively.

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Oyo State

Oyo State FAAC allocation dropped from the 2014 figure of N44.8bn to N27.7bn in 2016 even though it’s IGR witnessed some growth from the N3.4bn in 2016 to N6.17bn in 2017. Oyo State domestic debt stock grew from N40.5bn in 2015 to N71.3bn in 2017 with it’s external debt stock increasing from $53m to $62.8m in 2017 putting the total debt stock of Oyo state at N90.6bn in 2017.

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Plateau State

Total debt stock of Plateau State stood at N131.57bn at the end of 2017 with it’s Domestic debt jumped from 2013 levels of N52.42bn to N122.35bn in 2017. However, External debt was $30.07mn, slightly up from $29.14mn in 2016. Actual IGR was N10.79bn in 2017 which grew from the 2016 figure of 9.91bn in 2016.

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Rivers State

Total debt stock of Rivers state as at December 2017 was N211.64bn; the External debt component of this came to $66.77mn, while Domestic debt grew to N191.16bn in fiscal year 2017, from N91.76bn in 2013 to N142.42bn in 2016. The FAAC allocation of Rivers state and its IGR contribute significantly to its revenue stream, with FAAC receipts of N119bn in 2017 from the 2016 figure of N81.8bn. Rivers state IGR totalled N89.4bn in 2017 putting it as Number two among the 36states of the federation

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Sokoto State

Sokoto State is hanging on theTotal debt stock worth N38.65bn as at year-end 2017.Sokoto’s Domestic debt over 2013 to 2017 has grown from N5.74bn to N26.03bn - at an annual average of 48.55%. Sokoto’s IGR for 2015 and 2016 was approximately N6.22bn and N4.54bn respectively, with an average annual IGR growth rate of 21.05% between 2013 and 2017.

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Taraba State

Total debt as at the end of fiscal year 2017 was N68.70bn; Domestic debt grew to N60.85bn in 2017, from N13.88bn in 2013. This is a sizeable average growth rate of 48.22% per year, between 2013 and 2017. Domestic debt in 2014, 2015 and 2016, was recorded at N14.39bn, N27.65bn and N38.87bn Respectively. External debt was $26.56mn as at the end of 2017, up from 2016 levels of $21.9mn.

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Yobe State

Domestic debt stock leapt from N1.12bn in 2013 to N26.47bn in 2017. Although External debt dropped to $28.54mn in 2016 from $30.46mn in 2015, its growth has resume,; hitting $29.56mn at year-end 2017. As a whole, Yobe’s Total debt stock has steadily climbed since 2013, rising from N6.4bn in 2013 to N7.3bn in 2014, and a whopping N35.54bn in 2017. Yobe’s IGR was N3.6bn, contributing a mere 8.35% of Total revenue in 2017. IGR itself has grown at an annual average rate of 7.07% between 2013 and 2017; IGR was N3.07bn, N3.07bn, N2.25bn and N3.24bn in 2013, 2014, 2015 and 2016

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock

Zamfara State

Domestic debt grew at an average annual rate of 75.79% between 2013 and 2017, from N28.22bn, to N69.92bn respectively. In 2014, 2015 and 2016, Domestic debt stock was N11.07bn , N46.28b n a n d N58.32b n respectively. In 2014, 2015 and 2016, IGR was N3.15bn, N2.74bn and N4.77bn

FAAC Allocations
Internally Generated Revenue
External Debt
Domestic Debt
Total Debt Stock