Enugu leads Nigeria's states with 86.48% revenue growth post-subsidy - BudgIT report
Enugu State recorded Nigeria's highest revenue growth among states in the post-subsidy period, with actual revenue rising from N102.68 billion in 2022 to N665.85 billion in 2025 - an 86.48% compound annual growth rate (CAGR), according to a BudgIT report. Abia State followed with 66.05% CAGR, while Niger, Taraba and Bauchi recorded 60.47%, 54.33% and 53.87% respectively.
Aggregate state revenue grew at 47.57% CAGR during 2022-2025. Despite slower proportional growth, Lagos maintained the highest actual revenue, increasing from N889.45 billion to N2.63 trillion (43.49% CAGR). Delta State also saw substantial growth to N1.45 trillion from N540.84 billion.
At the bottom of the growth ranking were Nasarawa (27.94% CAGR), Kebbi (32.59%), Zamfara (32.69%), Ogun (32.71%) and Kaduna (33.55%). Akwa Ibom and Rivers were excluded due to incomplete budget implementation reports.
BudgIT attributed the growth to higher Federation Account Allocation Committee (FAAC) disbursements and improved internally generated revenue in some states. However, the analysis cautioned that increased revenue doesn't automatically translate to development without transparency, accountability and citizen participation.
The report examined 34 states using actual Q1-Q4 budget implementation data from 2022-2025, noting that revenue gains must be matched by openness in procurement and stronger public oversight to ensure citizens benefit from fiscal reforms.