State governments may be currently grappling with varying degrees of financial concerns, following the N180.4bn crash in their internally generated revenues and the allocations they received from the Federation Accounts Allocation Committee.
An analysis of various IGR and FAAC reports obtained from the National Bureau of Statistics showed that the states’ total revenues dropped by N180.4bn in the first half of this year when compared to what they made in the second half of 2019.
Findings showed that the total IGR and federal allocations to the 36 states and the Federal Capital Territory in the second half of last year amounted to N1.914tn.
But this dropped to N1.121tn in the first half of 2020, indicating a crash of N181bn or 9.45 per cent when compared to the preceding half year’s revenue generation of the states.
It was observed that the total IGR of the states and FCT in the second half of 2019 was N640.3bn, while their total allocation from FAAC during the same period was N1.274tn, making a cumulative total of N1.914tn.
On the other hand, in the first half of this year, the total IGR garnered by the states and the FCT was N612.87bn, while the allocations they received from the FAAC in the same period were N1.121tn, bringing the total to N1.733tn.
Based on the above figures, both the IGR and FAAC allocation to the states and FCT dropped during the period.
Analysis of the figures showed that the states’ IGR in the first half of this year dropped by N27.44bn, when compared to what they recorded in the second half of 2019.
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