The Internally Generated Revenue of South West states combined has topped the list of IGRs by geopolitical zones in Nigeria for 2023. The South-West generated a total of N1.12trn.
This was revealed by the National Bureau of Statistics in its latest data released on Tuesday. Thirty-six states and the Federal Capital Territory (FCT) received a total of N2.43 trillion as IGR in 2023, indicating a growth rate of 26.03 per cent from N1.93 trillion recorded in 2022.
The FCT and Rivers states trailed behind Lagos with N211.10 billion and N195.41 billion respectively over the reference period.
For South West states, Lagos recorded N815.86 billion IGR over the period, representing 34 per cent of the total and the highest of any state, followed by Ogun which generated N146.88bn.
Oyo and Ondo states generated N52.75bn and N41.50bn. Meanwhile, Ekiti and Osun states received N32.10bn and N27.93bn respectively.
South-South emerges second with the total amount of IGR received by regions with N468.74bn. North-Central generated N387.65bn while North-West recorded N206.22bn.
South-East and North-East generated N142.95 and N104.35bn IGRs respectively.
According to the NBS, “PAYE was the most tax revenue recorded during the period (N1.24 trillion), representing 63.83 percent of the total taxes collected, while capital gains tax was the least with N5.91 billion.”
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