• Tuesday, July 23, 2024
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BusinessDay

Lagos State records N753b IGR in 2021

S’Court verdict: Sanwo urges opposition to join forces with Tinubu

Lagos State collected the highest Internally-Generated Revenue (IGR) of N753.46 billion in 2021 followed by the FCT which collected N131.92 billion.

The National Bureau of Statistics (NBS) stated on Sunday in Abuja that in 2020, Lagos State also led other states in IGR collection when it got N660 billion, followed by Rivers at N117.19 billion.

In 2019, Lagos State also took the lead when it collected N646.61 billion again, followed by Rivers that collected N169.6 billion.

The NBS stated in its Internally Generated Revenue at States Level (2019 – 2021) report that the 36 states of the federation combined collected N1.64 trillion as IGR in 2019.

It stated that 64.65 per cent of the revenue collected by the states was from taxes.

Read also: Tax harmonization necessary to curb revenue leakage – FIRS

The NBS added that the N1.64 trillion collected in 2019 declined by 4.65 per cent in 2020 when the states collected N1.56 trillion internally.

“The proportion of tax revenue in 2020 rose to 66.16 per cent, however,’’ it stated.

The NBS stated also that in 2021, the 36 states collected N1.9 trillion internally, representing a growth rate of 21.54 per cent over the 2020 revenue collections.