The prospect for the year 2024 appears promising as the governors of Nigeria’s 36 states, alongside the Federal Capital Territory (FCT), collectively proposed an impressive sum of N15.91 trillion for the upcoming year.
President Bola Ahmed Tinubu had previously presented a N27.50 trillion budget, titled the “Budget of Renewed Hope,” to a joint session of the National Assembly in late November 2023. Currently undergoing scrutiny and deliberation for final approval, the proposed budget aims to achieve job-rich economic growth, macro-economic stability, a conducive investment environment, enhanced human capital development, and a reduction in poverty with increased access to social security.
Following suit, each state governor presented their respective budgets to their state assemblies, resulting in a regional breakdown. The Southwest led with N4.20 trillion, followed by South South with N3.43 trillion, South East with N2.29 trillion, North West with N2.50 trillion, North Central with N1.89 trillion, and North East with N1.60 trillion.
Lagos State emerged at the forefront with a budget of N2.25 trillion, followed by Akwa Ibom with N845.63 billion, Rivers with N800.39 billion, Delta with N724.90 billion, Ogun with N703.03 billion, Imo with N592.23 billion, Abia with N567.20 billion, Bayelsa with N480.99 billion, Enugu with N521.56 billion, Anambra with N410.10 billion, and Niger state leading other northern states with a budget of N613.27 billion.
Kaduna followed with a budget of N458.27 billion, and Katsina with N454.31 billion, among others. Ekiti state presented the lowest budget at N159.57 billion.
It’s noteworthy that the budgets reflect a comprehensive view of each state’s economic plans and priorities for the year ahead. The figures, compiled from data released by the Nigerian Bureau of Statistics and the Federal Account Allocation Committee, underscore the financial viability of these states in the coming year. Earlier, a report by Economic Confidential identified Lagos, Ogun, Rivers, Kaduna, Kwara, Oyo, and Edo as the most viable states in Nigeria for the year 2022.
