Lagos State has led the 36 states and the Federal Capital Territory (FCT) with a 33.6 percent share of the N2.4 trillion Internally Generated Revenue (IGR) of 2023.
A National Bureau of Statistics (NBS) report, notes that the leading states in total IGR in 2023 were Lagos, FCT and Rivers with N815.86 billion, N211.10 billion and N195.41 billion, respectively.
The NBS reported that the 36 states as well as the FCT collectively generated N2.43 trillion as Internally Generated Revenue (IGR) in 2023.
The report said the 2023 IGR grew by 26.03 per cent when compared to the N1.93 trillion recorded in 2022.
According to NBS, the 2023 IGR had two major revenue sources – taxes and Ministries, Departments and Agencies (MDAs)’s revenue.
The bureau said taxes sub-category recorded in the period are Pay As You Earn (PAYE), Direct Assessment, Road taxes, Stamp duties, Capital gain tax, Withholding taxes, Other taxes and LGAs revenue.
“The least three performing states during the year were Taraba, Yobe and Kebbi with the value of N10.87 billion, N11.19 billion and N11.74 billion, respectively.”
The report said PAYE was the most contributing revenue source in 2023 at N1.24 trillion which represented a 63.83 per cent share of the total taxes collected nationwide.
The report noted that capital gains tax generated the least in 2023 with N5.91 billion, while total taxes to total IGR stood at about 80 percent nationally.
