...State revenue is soaring but services stalling
...More fiscal windfalls, governance headwinds
Nigeria’s states have never been richer on paper. Between 2023 and 2025, subnational governments shared over N9 trillion in FAAC allocations, buoyed by the removal of the fuel subsidy, FX reforms, and higher nominal revenues. However, across much of the country, infrastructure remains broken, hospitals under-equipped, and workers unpaid.
Capital expenditure still averages below 30% of state budgets, while recurrent spendin
