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FCT, 36 States record N1.92trn IGR in 2022 — NBS

Naira firms at official market despite low liquidity

The total internally generated revenue of thirty six states of the federation and the federal capital territory stood at N1.92 trillion in 2022 fiscal year. The National Bureau of Statistics data has revealed.

Businessday analysis revealed that the total revenue was a slight increase compard N1.89 trillion recorded in the previous year.

Read also: 36 states IGR grew by 12.9% to N1.82 trn in 2022- BudgIT

According to the Bureau’s 2022 IGR report, which was published on Monday, Lagos state recorded the highest revenue at N651.15 billion. This represent 34 percent of the total IGR in the period.

The state revenue is a decline of 14 percent compared to N753.46 billion generated in 2021.

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Other states with high revenue in the period included Rivers with N172.8 billion; FCT with N124.4 billion; Ogun with N120.6 billion; and Delta with N85.9 billion.

While states with the least revenue in th period were kebbi state, Taraba, Yobe and Ebonyi states with a total revenue at N9.15 billion, N10.23 billion, N10.46 billion and N12.4 billion respectively.

Read also: Nigeria’s crude oil revenue soars by ₦274bn in September on improved output

The report showed that PAYE was the most contributing revenue source during the year at N994,404,455,858, representing 67.62 percent share to the total tax generated revenues nationwide, while capital gains tax was the least in the year under review with 0.24 percent share to total tax revenue.

Of 48.71billion generated as LGA revenue, Oyo, Lagos and Jigawa states were the three leading states with highest LGA revenue reported during the year. The states recorded ₦11,832,437,020.33, ₦11,505,586,283.35, and ₦8,700,993,591.78, respectively.

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Other source of revenue in the period include: direct assessment (N52.34 billion), road taxes(N 24.57 billion) stamp duties(N27.12billion) withholding tax(N139.90 billion) other tax(N179.95billion) and MDA revenues (N455.07 billion).