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Top 10 Richest States in Nigeria

Top 10 Richest States in Nigeria

top 10 richest states in nigeria
The rating / list of the top 10 richest States in Nigeria is based on the sustainability Index of each state, which takes into consideration the Internally Generated Revenue (IGR), Recurrent Expenditure and the Total Debt of each State.

Please note, that if the list was based on just IGR alone, the ranking will be alittle different.

Definition of terms

By Internally Generated Revenue; we mean the total amount the state makes for a year.

Recurrent Expenditure; the amount remaining, either positive or negative, after paying staffs and all required payments

Total Debt Stock; This is the total amount of money the state is owing from money borrowed

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

Hence Sustainability Index will be written as SI, Monthly Internally Generated Revenue as MIGR, State Debt as SD


Starting from Number ten


Internally Generated Revenue State Debt
Av. Monthly R. R After m. R. E. Sustainability


10 Ondo 11.7 26bn+ -541mlln+ 6.07
9 Edo 17.02bn 64bn+ +97mlln+ 6.45
8 Bayelsa 10.96bn 98bn+ -1bn+ 6.79
7 Ebonyi 11.03bn 15bn+ +803mlln+ 6.89
6 Akwa Ibom 15.68bn 93bn+ -605mlln 7.74
5 Katsina 6.22bn 16bn+ +2bn+ 8.85
4 Delta 42.81bn 216bn+ +3bn+ 8.81
3 Enugu 19.25bn 36bn+ +1bn+ 8.90
2 Lagos 276.16bn 500bn+ +12bn+ 11.33
1 Rivers 89.11bn 100bn+ +9bn+ 14.85

Note: I said 2016, because we would continue to update this post

There you have it the top 10 Richest states in Nigeria 2016, with relation to their sustainability index. Like us on Facebook and remember to share the post with your friends.



Updated: May 21, 2017 — 8:43 pm

1 Comment

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  1. Rivers state is number one because of their oil money

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