highest revenue generating state in nigeria

AgriTech firms like Thrive Agric face these risks when they pool money from investors and pass on to farmers.

revenues generated by the country’s states. list like this one. What this means: As low revenue generation concerns grow across states in Nigeria, the top 10 states may be regarded as the country’s major commercial cities. Despite repeated promises by the government, they have failed to heed to their demands, triggering a new wave of protests that has now spread across the country. The annual internally generated revenue by the state is put at 30 billion and the GDP of …

If there is one thing the bank has done, it has stayed relevant through decades, even after many that came after it have fallen by the wayside. Edo’s ₦28.43 billion revenue places it eight on this list. In June 2019, the Hong Kong Government revealed plans to implement a controversial. While the COVID-19 pandemic might not have had anything to do with FBN Holdings cutting off its risk underwriting business, FBN Insurance ltd, the company made the decision within the year and it couldn’t have come at a better time than when it did.

shoulders in the first place.

that most protesters viewed as excessive. The government also needs to urgently resolve its dispute with the Academic Staff Union of Universities (ASUU) on the Integrated Payroll and Personnel Information System (IPPIS). The latest Internally Generated Revenue (IGR) report released by the National Bureau of Statistics showed that ten (10) states in Nigeria received a total sum of N430.07 billion from tax revenue in half of 2019. Lagos

₦22 billion was obtained Currently, there are 9 oil producing states in the country and 4 out of these states are responsible for over 80% of the crude oil production. In June 2019, the Hong Kong Government revealed plans to implement a controversial law that allows the extradition of Hong Kong citizens to mainland China. NBS’s data. The year 2020 had forced many businesses across the world to reassess their positions, and a strategy many have adopted is cost cutting – for good reasons. Half of what was collected by the Rivers State Government Nigeria’s official custodian of public data, the National

Basically, taxes collected by the states include Pay As You Earn (PAYE), Direct Assessment, Road Taxes and other taxes. Interestingly, Lagos state is the most recent addition to the list of oil producing states as it was just in 2016 that the Federal Government approved four of the five oil-producing Aje wells in the state. Given the economic and financial constraints with limited resources, cutting operational inefficiencies and focusing on areas that offer the best value has proven to be worth the effort for many. The government also needs to urgently resolve its dispute with the Academic Staff Union of Universities, the Integrated Payroll and Personnel Information System. All employers in Nigeria are responsible for deducting PAYE taxes from their employees’ earnings.

Proceeds from the Nigerian Youth Investment Funds should be disbursed immediately to those who have applied. By pumping the required capital into the bank, it was able to effectively mitigate the regulatory requirements that many banks have struggled with over the past few months. Investments in mega tech hubs across the country.

This single action did many things for the bank. Edo state is the seventh largest producer of oil and gas in the country with a daily output of 33, 000 barrels. Your email address will not be published. Also, the sum of N121 billion (24%) was generated from other taxes, N25.4 billion was generated from direct assessment and road tax (N14.5 billion or 2.4%). is Nigeria’s The #ENDSARS is not just a protest about rogue police officers, it is larger than that and this is why. Fund a farmer, make a profit! revenue in 2018, in descending order of amounts collected. It was just a matter of time. on the bureau’s website, details the earnings collected by state governments Kano State is located in the North West part of Nigeria. Nigerian, want concrete actions and it starts by making immediate changes in. Ogun state is the most industrious state in the country with the highest number of factories in Nigeria. rely on the Federal Government to top up what it generates so the state is able Akwa Ibom has a GDP of $11.17 billion with a per capita is $2,779. Farming in a country like Nigeria is a highly risky venture that relies on a value chain that is fragmented, full of middlemen, and largely inefficient. The National Assembly also needs to introduce laws that protect young Nigerians from police brutality, status profiling and wrongful arrest. The state also produces mineral resources like limestone and quarry. It also produces chilli pepper, gum Arabic, garlic, cotton, soybean and sesame. Connect with him via his twitter handle. Some of these oil producing states have been able to use their asset to boost their revenue hence making them one of the richest states in the country However, some have not been able to do that. states from 2018, with an IGR of ₦24.21 billion. READ: CAC to register companies within 48 hours, approve business name same day. As a matter of fact, Bayelsa is the 4th largest producer of oil and gas in the country with an estimated daily output of 290, 000 barrels.

government’s Ministries, Departments and Agencies. AgriTech firms make promises of mouth-watering returns, but what they do not reveal loud enough is just how risky the investment is.

. From demanding an end to SARS, prosecution of rogue police officers, and reforms; Protesters are more emboldened, threatening to continue if all their demands are not met. law that allows the extradition of Hong Kong citizens to mainland China. It is also the largest city in Africa in terms of population. Net interest income dropped by 7.34%, from N141.7 billion in Q2 2019 to N131.3 billion in Q2 2020, following significant reduction in investment securities over the quarter. Nigeria’s official custodian of public data, the National Bureau of Statistics (NBS), recently published its annual report on the revenues generated by the country’s states.

Before then, protesters had grounded the economy, which drove the Hong Kong economy into a recession and $3 billion in stimulus. UBA Plc H1’2020 results, a true reflection of its rightsizing decision? Basically, the states include Lagos, Rivers FCT, Delta, Akwa Ibom, Kaduna, Ondo, Ogun, Cross River and Kano. rogue elements in the force brought to justice.

The second Northern State on this list, Kaduna

sources located within its boundaries or directly connected with it. 5 Richest Oil Producing States in Nigeria, Who Is the Richest Pastor in the World? The Security and Exchange Commission (SEC), noted this in its draft Exposure on Proposed News Rules guiding crowdfunding. We may In terms of oil production, Lagos state is ranked 6th with daily production estimated at 40,000 barrels. Before then, protesters had grounded the economy. Kano State is a major producer of skins and hides. Required fields are marked *. If this had been published on its website and duly communicated to its potential investors, we may have avoided the embarrassing and reputation damaging question that any fund manager wants to avoid – “Where is my money?”, especially if they don’t have it. Northern Nigeria’s chief commercial Interestingly, Lagos state is the most recent addition to the list of oil producing states as it was just in 2016 that the Federal Government approved four of the five oil-producing Aje wells in the state.

This state is the most populated in Nigeria. READ; Nike stocks post gains, women’s apparel division grow by 200%. Profit before tax grew by 14.3%, from N36.2 billion to N41.4 billion for the period under review. READ: We wanted to help users pay themselves first – Piggyvest.

However, the state currently has the highest internally generated revenue of N268 billion as of 2016. with ₦64.68 billion in FAAC allocations, more than two times what it was able Apart from crude oil production, the state is also a centre of tourism. We are confident this will enhance greater value to our stakeholders and strengthen the Group’s resolve to consolidate its leadership of the banking sector.”, READ: STANBIC IBTC posts Profit After Tax of N45.2 billion in H1 2020. Within days, protesters went from a few thousands to over 2 million, the la, By the time the government decided to pull back the bill, were already demanding for more than just a, ice investigated and prosecuted for using, about 6 months only to be dissipated by social distancing requirements, -19 pandemic. Also, the state has one of the largest deposits of crude oil and natural gas in the country. Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. Companies have settled down there, paid taxes, and made the state richer.

points: states’ debt levels, their dependence on aid from the Federal Samuel is an Analyst with over 5 years experience. top ten states by moneys remitted into government acounts.

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