The total revenue of Nigerian states has nearly doubled compared with the 2023 fiscal year, largely due to higher allocations from the Federation Accounts Allocation Committee (FAAC) and the removal of fuel subsidy, according to the civic-tech organisation BudgiT Foundation.
Speaking on Channels Television’s Politics Today programme on Wednesday, BudgiT’s Deputy Country Director, Vahyala Kwaga, said that states are now earning significantly more, with Internally Generated Revenue (IGR) also showing notable improvement across the board.
“The total revenue of all the states almost doubled compared to the 2023 fiscal year. Much of this increase came from FAAC allocations and the removal of fuel subsidy. States are earning far more, and IGR has also improved in no small measure,” Kwaga explained.
He added that this year’s report is particularly significant because it examines a ten-year performance trend, comparing year-on-year IGR growth and analysing data from the 2023 and 2024 fiscal years.
“We have seen some significant improvements. Several states have recorded remarkable growth in their IGR,” Kwaga noted.
BudgiT’s new report reviews the financial performance of Nigeria’s federating units over the past decade, highlighting growing fiscal independence among some states despite their continued dependence on FAAC allocations.