Fiscal Responsibility Commission (FRC) says total net revenue of the 36 states and Federal Capital Territory (FCT) at N2.57 trillion.
The figure, however, excludes Internally Generated Revenue (IGR).
Victor Muruako, the Acting Chairman, FRC, disclosed this in the 2018 Annual Report and Audited Accounts made available to NAN.
Delta had the highest total net revenue of N213.63 billion. It accounted for 8.32 per cent of the total net revenue.
Akwa-Ibom was second with N202.37 billion accounting for 7.88 per cent of the total net revenue in the year under review.
Rivers ranked third with total net revenue of N172.63 billion or 6.72 per cent.
“Bayelsa which ranked fourth had total net revenue of N153.11 billion representing 5.96 per cent of the total net revenue of all the states and FCT.”
The report said Delta, Akwa-Ibom, Rivers and Bayelsa States, topped the list being oil producing states that enjoy the statutory 13 per cent crude oil derivation.
“Lagos State accounted for the fifth largest total net revenue in 2018 with N119.02 billion representing 4.64 per cent of the total net revenue of the 36 states and FCT.”
Muruako attributed the high revenue level of Lagos State in 2018 to the Value Added Tax (VAT) revenue generated by the state.
Osun recorded the least total net revenue of N22.84 billion representing 0.89 per cent.
The report added that the revenue profile of the states is necessary for comparison with their respective debt balances to determine their sustainability.
“It is instructive that the information above excludes the Internally Generated Revenue (IGR) of the states,” it noted.
