Nigeria’s states have recorded significant changes in their finances since the removal of the fuel subsidy. This publication examines actual state revenue and expenditure between 2022 and 2025, highlighting how governments mobilised resources and what they prioritised in spending.

State revenue increased from N4.84 trillion in 2022 to N15.53 trillion in 2025, while expenditure rose from N6.22 trillion to N17.88 trillion. Capital spending also surged, reaching N10.85 trillion in 2025. However, despite increased spending on education and health, both sectors accounted for a smaller share of total state expenditure in 2025.