States, FCT Generated N1.9trn as IGR in 2022 – NBS

States, FCT Generated N1.9trn as IGR in 2022 – NBS

The National Bureau of Statistics (NBS) said the 36 states and the Federal Capital Territory (FCT) recorded a 1.6 per cent year-on-year growth in Internally Generated Revenue, IGR, to N1.92 trillion in 2022 from N1.89 trillion in 2021.

This is contained in the NBS report on Internally Generated Revenue at the State Level for 2022. According to NBS, the 2022 IGR had two major revenue sources namely; taxes and Ministries, Departments and Agencies’ (MDAs’) revenue.

The bureau said taxes sub-categories recorded in the period are Pay As You Earn (PAYE), Direct Assessment, Road Taxes, Stamp duties, Capital gain tax, Withholding taxes, Other taxes and LGAs revenue.

According to the report:  “Similar to what was recorded in 2021, the leading states in total IGR in 2022 were Lagos, Rivers, and the FCT with ₦651,145,633,085.30, ₦172,823,232,535.44, and ₦124,366,774,519.25, respectively.

“While the least three performing states during the year were Kebbi, Taraba, and Yobe with the value of ₦9,146,249,907.83, ₦10,238,110,125.95, and ₦10,456,776,796.18, respectively.”

The report said PAYE was the most contributing revenue source in 2022 with a 67.62 per cent share of the total tax generated revenues nationwide. The bureau said capital gains tax generated the least in 2022 with a 0.24 per cent share of total tax revenue.

The report said Oyo, Lagos, and Jigawa states led with the 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,” the NBS said. #States, FCT Generated N1.9trn as IGR in 2022 – NBS# Nigeria Eurobond Slumps after CBN Resumes OMO Auction