🏭 Ondo State — Economic Profile
South WestThe economy of Ondo State is largely driven by agriculture, especially cocoa production, crude oil, bitumen, and timber resources. It is one of Nigeria’s leading cocoa-producing states and also has growing industrial and energy sectors.
Key Industries
Commerce & Trade
Banking & Finance
Entertainment
Technology
Manufacturing
Real Estate
💰 Revenue & Budget
Revenue data not yet available
IGR and FAAC figures for Ondo State will appear here once added via the admin panel. Check the budget page →
🏗 Spending Priorities
2026 — summaryWhere Ondo State directs its public spending — relative allocation across key sectors from the 2026 budget.
Education
₦64.5B
12.3% of total budget
Infrastructure
₦144.0B
27.5% of total budget
Health
₦59.5B
11.3% of total budget
Agriculture
₦29.6B
5.6% of total budget
See exact naira figures per sector, debt service and security allocations:
Full Sector Breakdown →📈 IGR Revenue Trend
2 years| Year | IGR | FAAC | IGR % | Total Budget |
|---|---|---|---|---|
| 2026 Latest | — | — | — | ₦524.4B |
| 2024 | ₦42,000 | ₦240,000 | 14.9% | ₦310,000 |
🏆 Nigeria State IGR Ranking
Internally Generated Revenue❓ FAQs — Ondo State Economy
The economy of Ondo State is largely driven by agriculture, especially cocoa production, crude oil, bitumen, and timber resources. It is one of Nigeria’s leading cocoa-producing states and also has growing industrial and energy sectors.
Ondo State's economy is driven by: Commerce & Trade, Banking & Finance, Entertainment, Technology, Manufacturing. The state continues to work on growing its Internally Generated Revenue (IGR).
IGR data for Ondo State is not yet available on this platform.
Ondo State ranks #29 of 38 states by Internally Generated Revenue (IGR) and #36 by total budget size. Like most Nigerian states, it relies significantly on FAAC allocations from the federal government.
IGR (Internally Generated Revenue) is money a state collects from within its own economy through taxes, levies and fees — without depending on the federal government. FAAC (Federation Account Allocation Committee) distributes shared national revenue — mainly from oil sales and VAT — monthly to all tiers of government. States with high IGR like Lagos are fiscally independent, while most states depend on FAAC for over 60-80% of their revenue.
Ondo State is an oil-producing state and receives 13% derivation funds from crude oil revenue produced within its territory. Oil and gas activities significantly boost its federal allocation compared to non-oil states.
Data note:
IGR and FAAC figures are sourced from published FAAC distribution reports and
state appropriation laws. Population figures are NBS estimates.
All amounts in Nigerian Naira (₦). For the most current data refer to the
OAGF
and individual state ministry of finance publications.