Nigeria is heavily dependent on the revenues from oil, despite being blessed with several other resources that can also generate more funds to take care of its ever-growing population.
Every month, the Federation Account Allocation Committee (FAAC) shares revenues from the nation’s Statutory Account, FOREX Equalisation Account and Value Added Tax and other sources with the three tiers of the government, that is, the federal, state and local governments.
Citing data from the National Bureau of Statistics (NBS), Business Day reported that in 2020, FAAC disbursed a total of N2.49 trillion to the federal government while states received a total of N2.30 trillion within the same period.
Below is a list of the top five states that received the highest amounts from the monthly federal allocations, according to the report.
1. Delta – N186.828 billion
2. Akwa Ibom – N146.265 billion
3. Rivers – N141.187 billion
4. Bayelsa – N116.401 billion
5. Lagos – N115.932 billion
In another report, an NBS data indicates that for two solid years, 11 out of the 36 states in Nigeria failed to attract foreign investments.
Legit.ng gathers that the 11 affected states were not able to attract any foreign investor in 2019 and 2020, according to the capital importation report recently published by the NBS.
The 11 states are: Bayelsa, Ebonyi, Ekiti, Gombe, Jigawa, Kebbi, Kogi, Plateau, Taraba, Yobe and Zamfara.
On the other hand, Lagos has retained its position as an investor’s favourite in Nigeria as it tops the list of states that attracted the most investments in 2020, outshining other states and the Federal Capital Territory (FCT).
Lagos, Nigeria’s economic nerve centre, attracted $8.31 billion in investments. This represents 85.7 per cent of the total capital inflow into the country in the year 2020.
The top 10 states that attracted the highest capital investments in 2020 are Lagos ($8.31 billion), Abuja ($1.27 billion), Abia ($56.07 million), Niger ($16.36 million), Ogun ($13.39 million), Anambra ($10.02 million), Kaduna ($4.03 million), Sokoto ($2.50 million), Kano ($2.38 million) and Akwa Ibom ($1.05 million).
Nurudeen Lawal is a Legit.ng journalist passionate about fact-checking/verification journalism. He holds a Bachelor of Arts degree in Literature-in-English from Obafemi Awolowo University, Ile-Ife, Osun State. As Politics Editor, Nurudeen mostly writes on Nigeria’s political and socio-economic developments. He has attended different workshops, conferences and training on fact-checking and digital reporting, among others. Learn more about him on Twitter, @Nurudeen Lawal_