Richest states in nigeria :The following Data presents the listing of Nigeria’s 36 states ranked in order of their riches in GDP for 2016.Nigeria is blessed with different natural resource that yield million of dollars in revenue, from the oil producing Niger delta to the large coca farm that can be found in the west. but among this loot which do you think make more and which state is the richest state in Nigeria? In this publication we will be sharing with you the latest ranking of the richest states in nigeria.
Note this ranking of top 10 richest States in Nigeria is based several factors which includes Internally Generated Revenue (IGR), Recurrent Expenditure and the Total Debt of each State and sustainability index.
There are 36 state in nigeria including the Federal Capital Territory ,Abuja, in this post you will learn which is the poorest and richest state in nigeria currently.
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1.Internally Generated Revenue, this implies from the amount generated by the state through various mean like natural resources, tax and other form of payments
2.Recurrent Expenditure> the total amount remaining in the state treasury after payments of staff and servicing of all Government payment. a state recurrent expenditure can run positive or negative balancing.
3.Total Debt Stock; This refers to the total amount of money the state is owing from money borrowed to service Government projects
Calculation of the Sustainability Index
Index A = Revenue Generated / IGR + Derivation + Vat
Index B = Revenue Generated / Total Revenue
Index C = Total Debt Stock / Total Revenue
Sustainability Index = ((Index A x 35) + (Index B x 50) + (Index C x 15)) / 15
Scores = 100 / Sustainability Index
For this post, Sustainability Index will be written as SI, Monthly Internally Generated Revenue as MIGR, State Debt as SD
Currently these are the top 10 Richest states in Nigeria 2016