Ndubuisi Francis in Abuja
No fewer than 32 states of the federation generated N3.54 trillion in actual revenue in the first quarter (Q1) of 2026, with N2.52 trillion coming from the Federation Account Allocation Committee (FAAC).
This was according to a new report by Agora Policy, an independent Nigerian non-profit think tank and research institute.
The report which covered all the states of the federation but Anambra, Delta, Ogun and Rivers, explained that in Q1 2026, 32 out of 36 states combined realised 66.5 per cent of their total projected revenue.
It added that of the ₦3.54 trillion in actual revenue, ₦2.52 trillion (71.2 per cent) was from FAAC while ₦1.02 trillion (28.8 per cent) was through IGR.
It said, “Of the ₦3.54tn in actual revenue, ₦2.52tn (71.2%) was from the Federation Account Allocation Committee (FAAC) while ₦1.02 trillion (28.8 per cent) was through internally generated revenue (IGR).”
The reviewed states received 69 per cent of their total projected FAAC revenue while their combined IGR fell short by 39 per cent, compared to estimations.
“IGR accounted for over 50% of revenue in Lagos and Ogun while FAAC accounted for over 50% of revenue in 30 other states.
In Q1 2026, Oyo, Ekiti and Ondo recorded revenues (FAAC + IGR) exceeding their budget projections while 29 states fell short of their projections.
“Out of the 32 states, Oyo, Ondo and Lagos received more FAAC revenue than budgeted while 29 states recorded lower-than-projected FAAC allocations,” the report stressed.
According to the report, four states (Ekiti, Cross River, Yobe and Kogi) generated more IGR than projected in their budgets while 28 states fell short of their IGR targets.
In value terms, Lagos, Oyo and Bayelsa received the highest total revenue and FAAC revenue in Q1 2026 while Lagos, Ogun and Enugu recorded the highest IGR.
