Economy

Lagos Generates More IGR than 30 States Combined—Report

Published

8 years ago

30/04/2018

By Dipo Olowookere

A new report released by Economic Confidential has revealed that Lagos State generates more Internally Generated Revenue (IGR) than 30 of the 36 states in the federation combined.

The report by this economic intelligence magazine indicates that the IGR of Lagos State of N333 billion is higher than that of 30 States put together whose IGR are extremely low and poor compared to their allocations from the Federation Account.

The states with impressive over 30 percent IGR apart from Lagos are Ogun, Rivers, Edo, Kwara, Enugu and Kano States who generated N607 billion in total, while the remaining states merely generated a total of N327 billion in 2017.

In its Annual States Viability Index (ASVI), the reputable journal also said only 17 states are insolvent as their IGRs in 2017 were far below 10 percent of their receipts from the Federation Account Allocations (FAA) in the same year.

The index, carefully and painstakingly computed, proved that without the monthly disbursement from the Federation Account Allocation Committee (FAAC), many states remain unviable, and cannot survive without the federally collected revenue, mostly from the oil sector.

The IGR are generated by states through Pay-As-You-Earn Tax (PAYE), Direct Assessment, Road Taxes and revenues from Ministries, Departments and Agencies (MDAs).

Recently, the magazine published the total allocations received by each state in Nigeria from FAA from January to December 2017.

The latest report on IGR revealed that only Lagos and Ogun States generated more revenue than their allocations from the Federation Account by 165 percent and 107 percent respectively and no any other state has up to 100 percent of IGR to the federal largesse.

The IGR of the 36 states of the federation totalled N931 billion in 2017 as compared to N801.95 billion in 2016, an increase of N130 billion.

While the report provides shocking discoveries, the states with less than 10 percent IGR have jumped to 17 from 14 states in the previous year 2016.

The poor states may not stay afloat outside FAA due to socio-political crises including insurgency, militancy, armed-banditry and herdsmen attacks. Other states lack foresight in revenue generation drive coupled with arm-chair governance.

The states that may not survive without the Federation Account due to poor internal revenue generation are Bauchi which realized a meagre N4.3 billion compared with a total of N85 billion it received from FAA in 2017 representing about 5 percent; Yobe with IGR of N3.59 billion compared with FAA of N67 billion representing 5.33 percent; Borno N4.9 billion compared with FAA of N92 billion representing 5.41 percent; Kebbi with IGR of N4.39 billion compared with N76 billion of FAA representing 5.77 percent and Katsina with IGR of N6bn compared to N103 billion of FAA representing 5.8 percent within the period under review.

Other poor internal revenue earners are Niger which generated N6.5 billion compared to FAA of N87 billion representing 7.43 percent; Jigawa N6.6 billion compared to FAA of N85 billion representing 7.75 percent; Imo N6.8 billion compared with FAA of N85 billion representing 8.1 percent and Akwa Ibom N15 billion compared with FAA of N197 billion representing 8.06 percent, Ekiti N4.9 billion compared with FAA of N59 billion representing 8.38 percent; Osun N6.4 billion compared with FAA of N76 billion representing 8.45 percent, Adamawa N6.2 billion compared with FAA of N72.9 billion representing 8.49 percent, Taraba N5.7 billion compared with FAA of N66 billion representing 8.70 percent and Ebonyi N5.1 billion compared with FAA of N57.8 billion representing 8 percent.

Meanwhile, Lagos State remained steadfast in its number one position in IGR with a total revenue generation of N333 billion compared with FAA of N201 billion which translates to 165 percent in the 12 months of 2017.

It was followed by Ogun State which generated IGR of N74.83 billion compared with FAA of N69 billion representing 107 percent.

Others with impressive IGR include Rivers with N89 billion compared with FAA of N178 billion representing 50 percent; Edo with IGR of N25 billion compared with FAA of N75 billion representing 33 percent. Kwara State however with a low receipt from the Federation Account has greatly improved in its IGR of N19 billion compared with FAA of N61 billion representing 32 percent while Enugu with IGR of N22 billion compared with FAA of N69 billion representing 32 percent.

Kano generated N42 billion compared with FAA of N143 billion representing 30 percent while Delta State earned N51 billion IGR against FAA of N175 billion representing 29 percent.

The Economic Confidential ASVI further showed that only three states in the entire Northern region have IGR above 20 percent. They are Kwara, Kano, and Kaduna States.

Meanwhile, 10 states in the South recorded over 20 percent IGR in 2017. They are Lagos, Ogun, Rivers, Edo, Enugu, Delta, Cross River, Anambra, Oyo and Abia States.

The states with the poorest IGR of less than 10 percent in the South are Bayelsa, Ebonyi, Osun, Ekiti, Akwa-Ibom and Imo States while in the North; Gombe, Zamfara, Taraba, Adamawa, Jigawa, Niger, Katsina, Kebbi, Borno, Yobe and Bauchi States.

Meanwhile, the IGR of the respective states can improve through aggressive diversification of the economy to productive sectors rather than relying on the monthly Federation Account revenues that largely come from the oil sector.

Economy

BNB Price Reflects Changing Dynamics in the Digital Asset Market

Published

1 day ago

25/04/2026

Dipo Olowookere

Digital asset markets have slowed, though not in a dramatic way. Things are still moving, just not with much urgency. The BNB price reflects that shift, sitting within a tighter range as broader conditions begin to shape behavior more than short bursts of demand.

It can feel uneventful at first. No strong push higher, no sharp drop either. But the movement is still there. It just does not travel far. A rise begins, then fades. A dip forms, then steadies again. It repeats more than you might expect.

That pattern tends to linger. Sometimes longer than people anticipate, especially when there is no clear reason for it to change quickly.

BNB Price Movement Reflects Exchange-Driven Demand

BNB does not behave like assets that rely purely on outside demand. Its connection to the Binance ecosystem changes that.

Usage matters here. Trading activity, transaction volume and general platform engagement all feed into how BNB is used. That connection is not always obvious in the short term, but it sits underneath everything.

Sometimes it shows up clearly. Other times it does not. The relationship is there either way.

When activity holds steady, price often follows that tone. It does not surge, but it does not weaken much either. It stays somewhere in the middle, supported without needing strong momentum. It reflects usage more than speculation in many cases.

Market Conditions Continue to Shape Price Behaviour

There is also the wider market to consider. Binance has pointed out that liquidity remains tight, with capital concentrating in a smaller number of assets.

Bitcoin still holds close to 59% of the market. Ethereum sits much lower, around 11.8%. After that, the drop-off becomes more noticeable. Smaller assets make up far less than they once did. That shift matters. It changes how everything moves.

When capital gathers like this, movement tends to compress. Prices still change, but not as freely. It becomes harder for assets to break away from the general pattern.

BNB is part of that. It does not sit outside these conditions. It moves with them more often than against them.

BNB Utility Remains Central to Its Value

There is also the question of utility, which tends to be discussed but not always fully understood.

BNB is used across the Binance ecosystem in practical ways. Fees, transactions, access to services. These are not abstract use cases. They happen regularly, even when markets feel quiet.

That kind of activity does not always push prices higher. But it does create a base level of demand. Something that holds, rather than drives.

Over time, that can matter more than short bursts of interest. It gives the asset a different kind of stability. Not fixed, but less reactive. That difference tends to show up more clearly over longer periods.

Institutional and Retail Activity Remain Balanced

Participation is mixed. Institutional involvement has increased, but it does not dominate. Retail activity is still there and often more visible in certain phases. Neither side controls the market on its own. That is part of why movement feels less defined.

At times, it can seem like different forces are pulling in slightly different directions. Not enough to create volatility, but enough to prevent a clear trend from forming.

So price moves, then pauses. Moves again, then settles. It continues like that, without fully committing to either direction.

Global Participation Continues to Expand

Outside of price, participation continues to grow. Estimates suggest global cryptocurrency users are now approaching 860 million, reflecting continued expansion across digital asset markets.

That kind of growth does not always appear in charts straight away. It builds slowly. People enter the space, others remain active and usage continues in ways that are not always easy to track day to day.

BNB sits within that broader expansion. As the ecosystem grows, so does the potential for continued use. It is not immediate. It rarely is. But it accumulates over time. That gradual build tends to matter more than short-term spikes.

Local Economic Conditions Add Perspective

Broader economic conditions still play a role. Inflation remains around the mid-teen range, which suggests the environment is stabilizing, though not completely settled.

That kind of backdrop tends to influence behavior. When conditions feel uncertain, decisions become more measured.

It does not directly control how BNB moves. But it helps explain the pace. Why do things feel slower, more contained? Markets do not exist in isolation, even when they seem separate. External factors tend to feed in gradually.

Right now, the market feels balanced more than anything else. The B&B price reflects that. Not pushing higher, not dropping away. Just holding.

There is still activity underneath. Usage continues. Participation grows. Liquidity shifts, even if it is not always visible.

For now, BNB is sitting in that middle space. Not doing too much, but not losing ground either. It might not stand out. But these phases tend to matter more than they first seem. Over time, they often shape what comes next, even if that is not immediately obvious.

Economy

NASD Unlisted Security Index Crosses 4,000-point Benchmark Again

Published

1 day ago

25/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.

Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.

The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.

The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.

However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.

During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.

At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.

GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.

Economy

Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns

Published

1 day ago

25/04/2026

Adedapo Adesanya

By Adedapo Adesanya

It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.

In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.

Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.

Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.

Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.

Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.

The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.

A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).

Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.

However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.