Phillips Consulting Limited (pcl.) has released the revised edition of the 2026 pcl. State Performance Index (pSPI), incorporating newly available FY2025 audited financial statements and strengthening the methodology used to assess state performance across Nigeria.
The revised edition supersedes the initial 2026 pSPI released on 23 July 2026 and now serves as the definitive 2026 edition.
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The revision reflects pcl.’s commitment to ensuring that its research and reports remain grounded in the most current, relevant and robust evidence available. The initial 2026 edition was developed using FY2024 audited financial statements, which were the most recent available at the timethe report was prepared.
Following the subsequent release of FY2025 audited accounts, pcl. undertook a detailed review of the Index to incorporate the newer financial data and further strengthen the methodology and interpretation of results.
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The 2026 National Assessment Report was first launched on 23rd July 2026 using a single Momentum Index that ranked states on a blended score. A subsequent review identified areas where the methodology and the interpretation of results needed strengthening. The model was audited in detail, the issues were corrected, and the results were recalculated. This edition presents those revised results.
The revised 2026 pSPI introduces several methodological improvements designed to provide a clearer and more balanced view of state performance.
Two measures now replace the single Momentum Index. The revised assessment separates the measurement of current performance from the measurement of performance trajectory. A Performance Snapshot shows where each state currently stands, while the Rank Trajectory shows how its position has changed across the 2024, 2025 and 2026 editions.
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Movement is now measured by change in performance rank rather than differences in scores, recognising that the three editions were calculated using different score scales. This provides a more consistent basis for understanding changes in state positioning over time.
The financial assessment has also been updated to use FY2025 audited accounts, replacing the FY2024 figures used in the initial 2026 edition. In assessing debt sustainability, the revised methodology now considers both debt per capita and debt relative to state revenue, providing a more balanced view of the scale and sustainability of state indebtedness.
The Index has also strengthened its assessment of financial transparency. Rather than simply considering whether audited accounts are available, the revised methodology assesses the date on which each state published its audited accounts relative to the statutory deadline. States without qualifying audited accounts are left unscored rather than assigned a zero, ensuring that the absence of qualifying data is not interpreted as a performance outcome.
These refinements are intended to improve the comparability, interpretability and integrity of the Index while preserving its broader objective of providing evidence-based insight into how states are performing and progressing.
Speaking on the release, Foluso Phillips, Chairman, Phillips Consulting, emphasised the importance of institutional discipline in research. “Credible research requires more than publishing findings; it requires the discipline to interrogate the evidence behind those findings. When new audited information became available and our review identified areas where the model could be strengthened, the responsible course was to undertake that review rigorously and publish the resulting improvements. This reflects the standard we set for our research and the trust stakeholders place in our work.”
Olawanle Moronkeji, Chief Operating Officer, Phillips Consulting, stated that the revision reinforces the value of the Index to stakeholders who rely on it to understand Nigeria’s subnational performance landscape. “The value of the pSPI lies in helping stakeholders see beyond a single point-in-time ranking.
Governments, investors, development organisations, researchers and citizens need evidence that helps them understand both where states stand and how their positions are changing. The revised edition gives stakeholders a clearer lens for making those distinctions and extracting more meaningful insight from the Index.”
Victor Mba, Senior Managing Consultant, Public Sector, Phillips Consulting, highlighted the technical rationale behind the changes. “The revised methodology makes an important distinction between performance at a point in time and movement over time. It also brings the financial assessment closer to the realities of state fiscal capacity by incorporating the latest audited accounts and examining debt against both population and revenue. These changes improve how the results can be interpreted and reduce the risk of treating differences in data scales or data availability as differences in state performance.”
The revised 2026 pSPI does not alter the purpose of the Index or the importance of measuring state performance through multiple dimensions. Rather, it strengthens how the available evidence is interpreted and presented.
The 2024 and 2025 editions remain unchanged. The revised 2026 edition applies specifically to the 2026 assessment and supersedes the initial edition.
As part of the changes introduced with the revised edition, pcl. is also establishing a new publication cycle for the pSPI.
In the future, the Index will be published after July 31st each year, allowing the assessment to draw on audited financial statements for the immediately preceding financial year whenthey are expected to be available across states. This revised publication cycle is designed to provide a more consistent and complete evidence base for future editions.
The pSPI remains part of pcl.’s broader commitment to producing research that supports better decision-making across Nigeria’s public and private sectors.
The revised 2026 pcl. State Performance Index is available at www.pspi.com.ng
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