“N1.9 Trillion Generated:” Lagos, Rivers Top Nigerian States With Highest IGR in 2022
- A new report from the National Bureau of Statistics has revealed that the 36 states earned about N1.9 trillion in Internally Generated Revenue (IGR)
- The NBS data says Lagos led the list of top-performing states with N651.15 billion in IGR
- Other top-performing states in Nigeria are Rivers, FCT, Ogun and Delta states
The National Bureau of Statistics (NBS) has said that the 36 states in Nigeria, including the FCT, generated a total of N1.93 trillion in Internally Generated Revenue (IGR) in 2022.
The NBS data said that Lagos and Rivers states are the top performers in Nigeria with N651.15 billion and Rivers State with N172.89 trillion recorded in 2022.
Source: Getty Images
The 36 states could only increase their IGR by 1.57% from the N1.89 trillion they generated in 2021.
The top five performers
The top performing states are Lagos, with N651.15 billion, and Rivers, with N172.82 billion. Others are:
- FCT - N124.37bn
- Ogun State - N120 billion
- Delta State - N85.90 billion
The least performing states
- Kebbi - N9.15bn
- Taraba - N10.24bn
- Yobe - N10.46bn
- Ebonyi - N12.43bn
- Katsina - N13.06bn
According to the NBS report, the 2022 IGR figures for the states show that revenues came primarily from taxes and Ministries, Departments, and Agencies’ revenue.
NBS noted that the taxes sub-category recorded in the review period included Pay as You Earn (PAYE), direct assessment tax, road taxes, stamp duties, capital gain tax, withholding tax, other taxes, and council revenue.
NBS said:
“PAYE was the most contributing revenue source during the year, recording 67.62 per cent of the total tax-generated revenues nationwide. Capital gains tax was the least in the year under review, with a 0.24 percent share of total tax revenue.
“Oyo, Lagos, and Jigawa states were the three leading states with the highest LGA revenue reported during the year. The states recorded N11.83bn, N11.51bn, and N8.70bn, respectively.”
Top revenue sources for the states
The agency said that the total PAYE received in 2022 amounted to N994.41 billion, direct assessment tax accounted for N52.35 billion, road taxes accounted for N24.57 billion, stamp duties were N27.13 billion, and capital gain taxes were N3.52 billion.
Others withhold taxes at N139.91 billion, while other taxes amounted to N179.95 billion.
LGA revenues accounted for N48.71 billion, and the states earned N455.07 billion from their MDAs.
The states relied more on allocations from the Federation account.
States still rely on federal allocations
Punch reports that the total FAAC allocation for the states, including the FCT, was about N3.16 trillion, 63.73% more than the states’ internally generated revenues for 2022.
The states also borrowed N870 billion to make up their expenses.
In the year under review, 11 states and Abuja attracted foreign investments.
Legit.ng reported that Lagos also tops the list of Nigerian states with the highest external debt with $1.2 billion.
The state is followed by Kaduna State, whose external debts were mostly bilateral, unlike Lagos, which has debts on Eurobonds, among others.
Full List: Rivers, Benue, Ekiti Lead 21 States owing N790 billion in pensions, gratuities
Legit.ng earlier reported that about 21 states in Nigeria owe retirees close to N800 billion in inherited pensions and gratuities.
Checks reveal that River State tops the list of states with a vast backlog of unpaid pensions and gratuities to N119 billion, followed by Benue State with N100 billion.
In terms of geopolitical spread spread, the South West zone ranks high with a whopping N256 billion, while the Niger Delta follows with N225 billion.
Source: Legit.ng
