Lagos, Rivers, and FCT Maintain Top Spots in Internally Generated Revenue for 2022

Lagos, Rivers, and the Federal Capital Territory (FCT) have maintained their positions as the top states in terms of internally generated revenue (IGR) for 2022, just as they did in 2021, according to a report by the National Bureau of Statistics (NBS). In 2022, Lagos, Rivers, and FCT generated ₦651.1 billion, ₦172.8 billion, and ₦124.4 billion, respectively, retaining their lead among Nigerian states.

On the other hand, the three lowest-performing states in terms of IGR for 2022 were Kebbi, Taraba, and Yobe, which generated ₦9.1 billion, ₦10.2 billion, and ₦10.5 billion, respectively.

The NBS report noted that overall, the 36 states and the FCT recorded a 1.6% year-on-year growth in IGR, totalling N1.92 trillion in 2022, up from N1.89 trillion in 2021. The primary sources of IGR in 2022 included taxes and revenues from Ministries, Departments, and Agencies (MDAs).

The sub-categories of taxes included Pay As You Earn (PAYE), Direct Assessment, Road Taxes, Stamp Duties, Capital Gains Tax, Withholding Taxes, Other Taxes, and Local Government Areas (LGAs) revenue.

PAYE was the most significant source of revenue, contributing 67.62% of the total tax-generated revenues nationwide. In contrast, capital gains tax accounted for the smallest share, at 0.24% of total tax revenue.

Additionally, the report highlighted that Oyo, Lagos, and Jigawa states led in LGAs revenue for the year. These states reported ₦11.8 billion, ₦11.5 billion, and ₦8.7 billion, respectively, in LGA revenue.

Source: PM News