States, FCT generate N2.4trn IGR in 2023

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

This is contained in the NBS report on IGR at State Level for 2023.

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

According to 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 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, the leading states in total IGR in 2023 were Lagos, FCT 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.”

The report 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 bureau said capital gains tax generated the least in 2023 with N5.91 billion.

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