The Oyo state government-led by Governor Abiola Ajimobi raked in N24.64 billion as internally generated revenue in 2018, representing 9.74% year-on-year growth from N22.44 billion it made in 2017, InsideOyo.com can authoritatively report.
The figures were contained in Internally Generated Revenue at State level for 2018 released by the National Bureau of Statistics on Thursday.
The Q4 2018 states and FCT IGR figure climbed N324.59bn compared to N264.34bn recorded in Q3 2018. This indicated a positive growth of 22.79% quarter on quarter and 24.82% Year on Year while 31 states and the FCT recorded growth in IGR while five (5) states recorded decline in IGR quarter on quarter at the end of Q4 2018.
The net FAAC allocation in Q4 2018 is put at N2.56 trillion while the total revenue available to the states including the FCT is put at N3.74 trillion.
However, the value of foreign debt stands at $4.23bn while domestic debt hits N3.85 trillion at the end of the year 2018 respectively.
Further analysis from the report by InsideOyo.com also showed that Oyo state government made the bulk of the year’s revenue between April and June 2018.
This is how much Oyo made per quarter last year:
Q1 – January to March 2018 – N5,4 billion
Q2 – April to June 2018 – N6,9 billion
Q3 – July to September – N5.8 billion
Q4 – October to December 2018 – N6.3 billion
For the period under review, the Oyo state government received a total of N59.29 billion as federal allocation.
