A new report by the National Bureau of Statistics (NBS) has listed Lagos as the most economically vibrant state in Nigeria; after it recorded N398.7billion as Internally Generated Revenue (IGR) last year.
This report by NBS further stated the IGR of Lagos State is equivalent to that of 26 states combined in 2019.
The 26 states – Taraba, Gombe, Kebbi, Ebonyi, Borno, Yobe, Katsina, Ekiti, Adamawa, Nasarawa, Bauchi, Niger, Jigawa, Abia, Zamfara, Imo, Bayelsa; Kogi, Plateau, Benue, Osun, Sokoto, Cross River, Anambra, Oyo, and Edo recorded a combined N375.2billion last year.
Rivers State is second with an IGR of N140.3billion, followed by the Federal Capital Territory (FCT) with N74.5billion.
Ogun State came fourth with N70.9billion.
Taraba, Gombe, and Kebbi which recorded N6.5billion, N6.8billion, and N7.3billion respectively are the states with the lowest IGR in the country.
“The combined revenue generated internally by the 36 states and the FCT in 2019 was N1.33tn,” the NBS report added.
Meanwhile, President Muhammadu Buhari has signed the 2018 Amended Executive Order 008 on Voluntary Offshore Assets Regularization Scheme (VOARS).
Dr Umar Gwandu, Special Assistant to the Attorney General of the Federation and Minister of Justice on Media; as well as Public Relations disclosed this on Thursday, May 21, in Abuja.
“As a result of stakeholders’ input; and need to strengthen implementation mechanisms; and structures; the Order was reviewed.
“Consequently, the Amendment to the Executive Order 008 was signed on May 20 by President Buhari’’.
He said Executive Order 008 as amended by Buhari mandated the Attorney-General of the Federation to set up, and likewise implement a Voluntary Offshore Assets Regularisation Scheme otherwise referred to as ‘VOARS’.
“VOARS gives all relevant persons and their intermediaries who have defaulted in the declaration of their offshore assets the opportunity to voluntarily declare and regularise their offshore assets; subject to fulfillment of the terms and conditions stipulated in the Order; and other subsequent regulations’’.
Gwandu noted that in order to ensure a seamless exchange of information; VOARS will work closely with the Nigeria Financial Intelligence Unit (NFIU) which has worldwide access to relevant financial information.