igr of states in nigeria 2019
We believe the decline was largely due to the impact of the lockdown measures implemented by most state governments in the second quarter to contain the spread of the coronavirus. READ: UPDATED: Nigeria’s GDP contracts by 6.10% in Q2 2020, as critical sectors plunge. Further analysis of the data revealed that IGR was down 26% q/q in Q2 2020, driven by lower tax collections from PAYE (down 27% q/q), direct assessment (down 42% q/q), road taxes (down 38% q/q) and revenue generated by Ministries, Departments and Agencies (MDAs) down 42% q/q. The CBN’s proactive decree that banks hold loan–deposit ratios of 60% was geared to increasing lending to the real sector, even as they eased the risks of lending to small businesses. READ: COVID-19: How CBN policies helped prevent the collapse of the Nigerian economy – Oscar Onyema, READ: CBN removes “third parties” from buying forex routed through Form M. There would be accusations and counter-accusations, more so, as the chasm of discord between stakeholders continues to widen with each passing day of the #ENDSARS protest across major cities and towns of the Country.
Household consumption was the key growth driver in 2019, followed closely by growth in transport, the oil sector and information and communications technology. Federally issued bonds are said to be less risky than State or Corporate bonds of similar tenor because the issuer (the FGN) is more liquid than the States or even Corporates.
Diaspora remittances (which accounted for 83% of the FG budget in 2018) had reduced to a trickle because of the pandemic, and unemployment surges. The answer tells you how much of your assets are financed by debt i.e. CSLS is a member of the Nigerian Stock Exchange. The same can be said of Equities. CURBING EXAMINATION MALPRACTICE: JAMB example and admission racketeering (Part 2), INVESTIGATION…. The steep decline in tax collections can be explained by reduction in income level of taxable persons arising from job losses and wage cuts, reduced vehicular movements both within and out of states, closure of markets, malls, recreational centres and limited running of revenue-generating MDAs during the second quarter. It is calculated by dividing your assets by your liabilities, but the key is that the assets are stripped off all hard assets and will include only cash and easily marketable securities and commodities like gold that can be sold. In our opinion, while short term relief for farmers is necessary to immediately alleviate some of the pressures on food prices in the short term, we think some of the flurry of funds provided via intervention policies should be directed at resolving long-standing bottlenecks to truly maximise the full potential of Nigeria’s agriculture promise. If Okafor gets a cheque offer from Dangote Cement and another from Emeka to pay for a TV, which do you think he will accept all things being equal? Increasing by 24.74% when compared to H1 2018. However, we note that the agriculture sector remains plagued with long-standing structural challenges which if ameliorated, would significantly improve output level and drive the country towards its goal of achieving self-sufficiency in food production.
One would be hard-pressed to describe the events without seeming to take sides with either part of the standoff as emotions, euphoria and sometimes, unfounded principles have seemed to become the order of the day. Lagos State had the highest IGR with N204.51bn (equivalent to 33.4% of total IGR), followed by Rivers State with N64.59bn ( 10.5%), FCT with N35.21bn (5.7%) and Delta with N30.84bn (5%). In addition,
Top 5 states with the highest IGR Among the states with highest internally generated revenue include Lagos , Rivers, FCT, Delta, and Ogun States.
Taraba state came in third with N3,27 billion, contributing 0.47% to the total IGR for the period. READ: Leaked memo: CBN instructs banks to block bank account of 38 companies for “forex abuse”. IGR of the 36 states of the federation and FCT declined by 12% y/y to N612.87bn in H1 2020 from N693.91bn in H1 2019. We reiterate that state governments need to reduce their dependence on FAAC allocations by providing incentives to attract private sector investment in exploiting states’ resources.
These unfortunate events have led to a spike in food prices refelected in the food inflation rate of 16.66% in September according to the National Bureau of Statistics (NBS). 80 exclusive pictures of Aba as Ripples Nigeria returns one year after, INVESTIGATION… COVID-19: How Nigeria aids spread through mishandling of laboratory tests, Untold Story: Inside the Civilian JTF’s complicated journey to oust Boko Haram, INVESTIGATION…. An increase in the value-added tax from 5% to 7.5% was implemented to shore up domestic non-oil revenues, and agro-industrial support from the Government was supposed to make 2020 a year to surpass growth forecasts even as oil revenues began to improve and drive foreign exchange reserves. READ: $70 billion per annum will be needed to tackle pandemic induced poverty – World Bank, READ: Manufacturers receive N459.69 billion from banks, thanks to CBN’s lending policy.
To determine your leverage ratio, list out all your liabilities, divide by your total assets, and multiply by 100.
etc. Hence, you can have positive cash flow, be liquid but be highly leveraged, which is not ideal. Enter your email address to subscribe to Ripples Nigeria and receive notifications of new posts by email. According to local media reports, the Minister for Agriculture, Sabo Nanono through an information official of the Agric ministry announced plans by the ministry to provide relief for farmers in form of interest-free loans, and effective input subsidisation. Delta and Ogun generated N36.39 billion and N29.58 billion respectively. It was an improvement on the 1.9% estimate for 2018 and an achievement of the 2019 expert projections despite the uncertainty about the 2019 election outcomes, policy implementation slowdown and sell-offs by foreign investors in 2018. But opting out of some of these cookies may have an effect on your browsing experience.
Both states contributed 5.27% and 4.28% respectively to the total IGR. These in our view, are the reasons why the funds that have been pumped into agriculture via different intervention schemes such as Anchors Borrowers Program (ABP) and Commercial Agricultural Credit Scheme (CACS) have yielded limited results and remain riddled with repayment controversies. READ: COVID-19 pandemic causes Beta Glass’ performance to drop in Q2 2020. “The 36 states and FCT IGR figure hits N612.87bn in H1 2020 compared to N693.91bn recorded in 2019,” the report said. The rule of thumb says the lower the leverage ratio, the better. Some of the long-standing bottlenecks include; poor transport network to connect farmlands with main markets, poor storage facilities, sub-standard farming inputs, crude agricultural techniques In the few days since the protests have begun, the Nation is estimated to have lost billions of Naira with Lagos state, understandably, being the biggest loser so far hosting the largest protests. Many states … Ripples Nigeria All rights reserved. These cookies will be stored in your browser only with your consent. Negative GDP growths were projected for Q2 and Q3 even as oil prices slumped to an all-time low.
Recall that during the last crash in the oil market in 2015, many states owed their workers many months arrears of salaries.
Gombe state came first from the bottom with N2,09 billion, contributing 0.30% to the total IGR and decreasing by 12.83% when compared to H1 2018. We are an online newspaper, very passionate about Nigerian politics, business and their leaders. September inflation was pegged at 13.7%, its highest since February 2018 there is already considerable strain on healthcare due to the pandemic and the exposure of the populace during the #endsars protests and counter-protests could spike up the COVID-19 numbers once again. Increasing on a year-on-year basis of 4.46%. According to the recent data published by National Bureau of Statistics (NBS), the Internally Generated Revenue (IGR) of the 36 states of the federation and the Federal Capital Territory (FCT) declined by 12% y/y to N612.87bn in H1 2020 from N693.91bn in H1 2019. The NBS said this in its “IGR at State Level for Quarter One and Quarter Two, 2019” report obtained from its website on Friday in Abuja. We dig deeper, without borders and without fears.
The National Bureau of Statistics (NBS) announced the figures in its report published on the ‘Internally Generated Revenue at state level for half year 2020’. READ: CBN clears air on Diaspora Remittances, official inflows $2.6bn not $26bn.
It is determined by how fast an asset can be converted into cash. Simply put, leverage is borrowing.
It captures only cash transactions and is simply the amount of cash flowing in and out of your business or person. IGR: Lagos, Rivers top list as states, FCT generate N691 billion for H1 2019, Makinde suggests Oyo APC may be ignorant over issues around allegation of fresh N7.6bn loan, PDP TO SAGAY: At your age, be bold enough to tell Buhari corruption resides in his presidency, SocialMediaTrends: #BlackTuesday in Lekki, Sanwo-Olu ‘a murderer’ & other stories, ICYMI: EDITORIAL….Nigerian Army, resist the temptation, stay off #EndSARS protests, 10 top stories from Nigerian newspapers, Wednesday morning, October 21, 2020, SocialMediaTrends: Jagaban’s appeal, Garba’s lawsuit, Coomassie’s apology & other stories, N’Delta militants threaten to resume hostilities if endSARS protesters’ demands are not met, ARRESTED DEVELOPMENT! sector which affected revenue from taxes and levies amidst job losses.
Agriculture, for all its Government patronage could not withstand the floods that heralded a climate change while suffering from the conflicts between herdsmen and farmers- it flopped, and so did manufacturing which could not be reckoned with due to a lack of financing.
He may have to leverage to generate cash. Summarily, with cash, you must be aware of the implication in terms of cash flow, liquidity, and leverage.
The restrictive measures led to a slowdown in economic activities particularly in the informal
Read also: 2020 BUDGET: Revenue from increased VAT to be invested in health, education – Presidency. Most likely the Corporate cheque, because he perceives that it is easier to discount to cash; thus, more liquid than the individual cheque. Necessary cookies are absolutely essential for the website to function properly. Lagos State generated the largest share of …
Noteworthy to mention is the fact that only Lagos (80%) and Ogun (58%) states have IGR accounting for more than 50% of the total revenue available to them.
Your email address will not be published. It is key to discuss cash under the three themes of Liquidity, Leverage, and Cashflow.
Eventually, the interest cost will swell and more of future operating cash generated by the firm or household will be earmarked to pay off interest, leaving the principal to remain and generate more interest cost.
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