Lagos, Rivers, FCT lead as IGR rises 49% to N3.63 trn 

By Elizabeth Adegbesan

Lagos, Rivers and the Federal Capital Territory,  FCT States  took the lead as Internally Generated Revenue (IGR) in 2024 grew year-on-year, YoY,  by 49.7 percent to N3.63 trillion in 2024 from N2.43 trillion in 2023.

According to the recent National Bureau of Statistics, NBS,  IGR 2024 report, Lagos, Rivers, and FCT states recorded IGRs of N1.26 trillion, N317.30 billion and N282.36 billion; respectively.

“The 36 states and the FCT generated a total of N3.63 trillion as IGR in 2024 indicating a growth rate of 49.70 percent from N2.43 trillion recorded in 2023.

“Lagos, Rivers, and FCT states recorded the highest IGR with N1.26 trillion, N317.30 billion and N282.36 billion; respectively over the reference period.

“However, Yobe, Ebonyi and Kebbi states reported the least revenues with N11.08 billion, N13.18 billion and N16.97 billion, respectively.”

NBS noted that the report  has two (2) broad categories of revenues; Tax Revenue and Ministries, Departments and Agencies’ (MDAs’) Revenue.

The taxes include Pay As You Earn, PAYE, Direct assessment, Road taxes, Stamp duties, Capital gain tax, Withholding taxes, Other taxes and Local Government Areas, LGAs, revenue.

“PAYE was the most tax revenue recorded during the period (N1.86 trillion), representing 69.84 percent of the total taxes collected, while capital gains tax was the least with N10.57 billion. Total taxes to total IGR stood at about 73.35 percent nationally.”

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