Rivers State has once again secured the top position in the 2024 States Fiscal Performance Ranking, published by BudgIT, marking its fifth consecutive year at the forefront of fiscal performance in Nigeria.
The state previously ranked first in 2020, 2021, 2022, and 2023 among all 36 states.
The findings were released during a report launch on Tuesday, titled ‘Moving Healthcare Delivery from Suboptimal to Optimal,’ which evaluated states using five distinct metrics.
BudgIT, a civic organization dedicated to promoting public accountability and transparency in Nigeria, utilized these metrics to assess fiscal performance.
“Index A1 looks at the percentage year-on-year growth of each state’s IGR. Index B reviews states’ ability to cover all operating expenses and loan repayment obligations with their Total Revenue (Internally Generated Revenue + Statutory Transfers + Aids and Grants) without borrowing.
“Index C estimates the debt sustainability of the states using four major indicators. A. foreign debt as a % of total debt. B. debt as a % of revenue. C. debt Service as a % of revenue, and D. personnel cost as a % of revenue. Index D evaluates the degree to which each state prioritises capital expenditure over its operating expenses (recurrent expenditure),” the organisation said.
The civic-tech firm said the top five states are Rivers with 250 points out of the set 100-point marker, followed by Lagos (143/100), Anambra state (139/100), Kwara (120/100), and Cross Rivers (111/100).
Meanwhile, in a report released by BudgIT earlier this year, Anambra ranked first in its Q1 2024 Fiscal Transparency League (SFTL) table.
Additionally, the organization noted that the total revenue for all 36 states in Nigeria rose significantly by 31.2%, from N6.6 trillion in 2022 to N8.66 trillion in 2023.
“This growth rate exceeded the previous year’s increase of 28.95%, indicating a notable improvement in fiscal performance. Of the total revenue generated in 2023, Lagos state contributed N1.24 trillion, representing 14.32% of the cumulative revenue of the 36 states,” the report added.
