National Bureau of Statistics says in 2022, Lagos State recorded the highest revenue as the 36 States and the Federal Capital Territory (FCT) raised N1,925,612,626,650.76 Internally Generated Revenue.
This was contained in the Bureau’s document titled: “Internally Generated Revenue at State Level in 2022.”
It noted, “The National Bureau of Statistics published the Internally Generated Revenue (IGR) Report for the 36 States and the FCT for 2022.
“This IGR report contains the following key findings; I The 2022 IGR had two (2) major revenue sources namely; (i) Taxes (ii) Ministries, Departments and Agencies (MDAs) revenue.
“II. Taxes sub-category recorded in this period are PAYE, Direct Assessment, Road Taxes, Stamp duties, Capital gain tax, Withholding taxes, Other taxes and LGAs revenue.
“III. The 36 States and the FCT generated a total sum of N1,925,612,626,650.76 as IGR in 2022. This grew by 1.57% compared to N1,895,786,762,263.80 in 2021”
The Bureau recalled that like what was recorded in 2021, the leading states in total IGR during the year were Lagos, Rivers, as well as the FCT with N651,145,633,085.30, N172,823,232,535.44, and N124,366,774,519.25, respectively.
The document added the least three performing States during the year were Kebbi, Taraba and Yobe with the value of N9,146,249,907.83, N10,238,110,125.95, and N10,456,776,796.18, respectively.
NBS also said PAYE was the most contributing revenue source during the year, recorded 67.62% share to the total tax generated revenues nationwide while capital gains tax was the least in the year under review with 0.24% share to total tax revenue.
According to the data, Oyo, Lagos and Jigawa were the three leading states with highest LGA revenue reported during the year.
The States, said, the bureau, recorded N11,832,437,020.33, N11,505,586,283.35 and N8,700,993,591.78, respectively.