Revenue allocation: Nigeria's FAAC has shared ₦17 trillion among states from 2017 to August 2023

The FAAC's revenue distribution from 2017 to August 2023 highlights the dominance of Delta, Akwa Ibom, Rivers, and Bayelsa states in allocations. Despite Lagos' economic prominence, it ranked fifth. Here is the distribution of revenue among states between 2017 and August 2023.

Source:

National Bureau of Statistics

Period:

2017 - Q3 2023
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African markets posted strong growth in 2025, with JSE leading in size and GSE in momentum
  • Seven of nine exchanges posted positive growth, signalling broad-based expansion across African equity markets in 2025.
  • Ghana Stock Exchange led all exchanges in growth rate, rising 133.86% across the year — the sharpest single-year gain in this dataset.
  • The Johannesburg Stock Exchange closed Q4 at $1.3 trillion, making it by far the largest exchange on the continent by market capitalisation.
  • The Stock Exchange of Mauritius and MERJ Exchange (Seychelles) were the only two exchanges to contract, declining 2.61% and 8.02% respectively.
Local companies have consistently contributed most of Nigeria’s Company Income Tax payments since 2016
  • Local companies dominated CIT contributions in most years, accounting for over 50% of payments in 9 of 11 periods between 2015 and 2025 (Q1–Q3).
  • Foreign companies briefly closed the gap in 2023, contributing 49%, the closest they have come to matching local firms.
  • Local companies recorded their strongest share in 2021 at 65%, marking the widest gap between local and foreign contributors.
  • “Other payments” peaked during the pandemic, rising to 17% in 2020 before dropping to 0% from 2022 onward.
9 of Nigeria’s 26 publicly listed trillion-naira companies are in financial services
  • 26 companies on NGX are valued above ₦1 trillion.
  • MTN Nigeria leads at ₦16.38 trillion, making it the most valuable listed company.
  • The top three firms (MTN Nigeria, BUA Foods, and Dangote Cement) are far ahead of the rest, each exceeding ₦13 trillion.
  • 9 of the 26 companies are in the financial services sector.
  • Telecoms and manufacturing dominate the upper tier, highlighting infrastructure and essential services as market anchors.
  • Energy companies are firmly positioned, reflecting their central role in the economy.
  • Market concentration is high, as a few giants carry disproportionate weight relative to the 122 sub-₦1 trillion firms.
  • Sector diversity exists within the top 26, but most belong to industries tied to basic economic activity rather than emerging tech or high-growth startups.
Local companies have consistently contributed most of Nigeria’s Company Income Tax payments since 2016
  • Local companies dominated CIT contributions in most years, accounting for over 50% of payments in 9 of 11 periods between 2015 and 2025 (Q1–Q3).
  • Foreign companies briefly closed the gap in 2023, contributing 49%, the closest they have come to matching local firms.p
  • Local companies recorded their strongest share in 2021 at 65%, marking the widest gap between local and foreign contributors.
  • “Other payments” peaked during the pandemic, rising to 17% in 2020 before dropping to 0% from 2022 onward.
Nigeria is Africa’s fastest country to attain $100bn GDP, reaching the mark in a record 34 years
  • Nigeria is the fastest to reach $100B — 34 years, achieving the milestone in 1994.
  • Ethiopia took the longest — 81 years, reaching the mark in 2022 after decades of gradual expansion.
  • Resource-driven economies reached the threshold faster, including Angola (36 years) and Algeria (43 years).
  • North African economies crossed earlier, with Egypt (1989) and Morocco (2008) benefiting from diversified economic bases.
  • South Africa reached $100B as early as 1988, reflecting its long-standing industrial and financial depth.
  • Ghana is among the slowest climbers (68 years), but its recent 2025 milestone shows the impact of sustained reforms and growth.
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Lagos and Rivers stand as Nigeria’s most self-financing states
  • Rivers, Lagos, and Ogun lead the ranking, covering most operating costs from their own revenue.
  • Jigawa, Bayelsa, and Yobe are the most dependent on federal allocations, with internal revenue covering only a fraction of expenses.
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  • Lower-ranked states need to grow internal revenue or reduce operating expenses to improve financial self-sufficiency.
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