36 states, FCT generate N2.43trn IGR in 2023

The National Bureau of Statistics (NBS) has disclosed that the 36 states and the Federal Capital Territory (FCT) collectively generated N2.43 trillion as Internally Generated Revenue (IGR) in 2023.

The NBS disclosed this in its report on IGR at State Level for 2023 released on Monday, October 28, 2024.

The bureau said the 2023 IGR grew by 26.03 per cent when compared to the N1.93 trillion recorded in 2022.

According to the NBS, the 2023 IGR had two major revenue sources – taxes and Ministries, Departments and Agencies (MDAs)’s revenue.

The bureau said taxes sub-category recorded in the period were Pay As You Earn (PAYE), direct assessment, road taxes, stamp duties, capital gain tax, withholding taxes, other taxes, and Local Government Areas revenue.

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According to the NBS, the leading states in total IGR in 2023 were Lagos, Abuja, and Rivers with N815.86 billion, N211.10 billion, and N195.41 billion, respectively.

“The least three performing states during the year were Taraba, Yobe, and Kebbi with the value of N10.87 billion, N11.19 billion, and N11.74 billion, respectively,” it added.

The bureau said PAYE was the most contributing revenue source in 2023 at N1.24 trillion which represented a 63.83 per cent share of the total taxes collected nationwide.

The NBS stated that capital gains tax generated the least in 2023 with N5.91 billion.

The NBS said total taxes to total IGR stood at about 80 per cent nationally.

The Star