October 24, (THEWILL) – Lagos and Rivers States have maintained the lead, beating the Federal Capital Territory (FCT) and 34 other states in terms of Internally Generated Revenue (IGR) in 2022.
According to the National Bureau of Statistics (NBS) report on IGR of 36 States and the FCT for 2022, Lagos and Rivers generated N651,145,633,085.30 and N172,823,232,535.44 respectively in 2022, to maintain the top position. The FCT followed with N124,366,774,519.25.
Conversely, the least three performing states in terms of IGR in 2022, according to the NBS report, were Kebbi, Taraba and Yobe.
The three states generated N9,146,249,907.83, N10,238,110,125.95, and N10,456,776,796.18 respectively for the year.
NBS added in the report that the 36 states and the FCT recorded a 1.6 percent year-on-year growth in IGR to N1.92 trillion in 2022 from N1.89 trillion in 2021.
NBS noted that the 2022 IGR had two major revenue sources namely; taxes and Ministries, Departments and Agencies’ (MDAs’) revenue.
The Bureau said the taxes sub-categoriesries 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, PAYE was the most contributing revenue source in 2022 with a 67.62 percent share of the total tax-generated revenues nationwide.
The Bureau said capital gains tax generated the least in 2022 with a 0.24 percent share to total tax revenue.
The report said Oyo, Lagos and Jigawa states, led with the highest LGA revenue reported during the year.
“The states recorded N11,832,437,020.33, N11,505,586,283.35 and N8,700,993,591.78, respectively”, the NBS said.
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