- Safiu Kehinde
The National Bureau of Statistics (NBS) has reported 26.3 percent increment in Nigeria recorded N2.43 trillion Internally Generated Revenue (IGR) across the 36 states and the Federal Capital Territory (FCT) in 2023.
This is contained in the NBS report on IGR at State Level for 2023.
According to the report, the 2023 IGR grew by 26.03 per cent when compared to the N1.93 trillion recorded in 2022.
NBS further showed that 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.