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NEWS UPDATE: Fiscal Performance Ranking: Ogun drops from 3rd to 19th, Rivers, Ebonyi, Anambra top list

NEWS UPDATE: Fiscal Performance Ranking: Ogun drops from 3rd to 19th, Rivers, Ebonyi, Anambra top list

Ogun Province has lost its place as the third on Financial Performance Ranking in 2020, emerging 19th in 2021, a study by Budgit has said.

The Gateway Province emerged 19th on the 2021 Financial Performance Ranking, dropping downwards 16 places.

The steep downward slide, according to Budgit, “was driven mainly by a important decline in its Internally Generated Revenue (IGR) which fell by 28.44% or N20.17bn from N70.92bn earned in 2019 to N50.75bn earned in 2020.”

According to the new study, all the Province’s IGR components witnessed a downturn apart from for income taxes (PAYE), which Budgit said increased marginally by 4.65% from N24.30bn in 2019 to N25.03bn in 2020.

This, DAILY POST learnt, makes Ogun one of the “18 states in the country that were not resilient plenty to last COVID-19 induced financial shocks to their internally generated revenue.”

Nevertheless nonetheless, Ogun is said to be the Province with the moment largest IGR in the Southward Due west part, behind only Lagos Province and had the 5th largest IGR in Nigeria.

“Nevertheless nonetheless, this is not good plenty given its population size, various economical potential and infrastructure needs,” Budgit stated in its study.

It was reported that the total revenue in 2020 fell by 44.26%, from N195.76bn in 2019 to N109.12bn in 2020.

“The IGR accounted for 46.51% (nearly half) of its total revenue in 2020, patch the remaining balance of 42.61% came from statutory allocations, VAT and other sources (e.g Aids and Grants).

“Ogun Province cutting its working capital spending by 13.92% from N35.42bn in 2019 to N30.49bn in 2020, making it one of 19 states to deprioritize working capital expenditure as COVID-19 ravaged their revenue sources. The province’s working capital expenditure per capita stood at N5,120 per citizen, significantly lower than the country average per capita spending of N8,129 for all 36 states,” it said.

According to the Budgit’s Province of States study, DAILY POST observes that Rivers, Ebonyi, Anambra, Lagos and Kebbi were the foremost 5 states on top of the Financial Performance Ranking tabular array.

Meanwhile, Bayelsa, Taraba, Benue, Katsina and Adamawa sit down below the ranking tabular array.

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