The state of Nigeria's current economy is drastically affecting both citizens and state governments with many geopolitical regions incurring huge debts, especially since 2020.
understandably, the low revenue generation can be tied to the harsh economic effects of COVID-19 which ravaged the entire globe beginning in 2019.
According to StatiSense, the southwest was the most indebted region of Nigeria in 2021 as it contributed 33% of all states' debts, including that of the Federal Capital Territory (FCT) for the whole year.
In 2020, the south-south had the most unemployed people in Nigeria - contributing 25%, while the region still has the most indebted states as it occupies six spots in a top-10 list
Below is the list of 10 most indebted states for 2021:
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- Cross River
- Akwa Ibom
List of states with the most unemployed people:
- Cross River
- Delta, SS
The records are also contained in a Facebook post shared by Lauretta Onochie, a presidential media aide.
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Meanwhile, the National Bureau of Statistics (NBS) said that revenue from Company Income Tax (CIT) rose by 19.8 percent year-on-year (YoY) to N1.69 trillion in 2021 from N1.41 trillion collected in 2020.
According to the NBS data, the Federal Government raked in N392.77bn during the first quarter of 2021, N472.07bn in the second quarter.
N472.52bn was generated in the third quarter and N347.81bn in the fourth quarter of 2021.
For the full year local companies paid N1.12tn (66.22 per cent) as tax, foreign companies paid N505.68bn (30.01 percent) as tax, while other tax payments amounted to N63.57bn (3.77 percent).
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List of top 8 states that can't survive without support from federal allocation
State governments in Nigeria get the revenues to fund their recurrent and capital expenditures from federal allocations and Internally Generated Revenue (IGR).
While some were viable enough to survive without the federal allocation, there are others who can't do with the handouts from the central government.