FCT, States Generated N2.43trn IGR – NBS

The Federal Capital Territory (FCT) and the 36 states of the federation generated N2.43trillion Internally Generated Revenue (IGR) last year.

The National Bureau of Statistics (NBS) made this known yesterday in its document titled: “Internally Generated Revenue At State Level (2023).

The document said the collection was an indication of 26.03 per cent from the 2022 record of N1.93 trillion.

NBS said: “The 36 states and the FCT generated a total of N2.43 trillion as Internally Generated Revenue (IGR) in 2023, indicating a growth rate of 26.03 per cent from N1.93 trillion recorded in 2022.”

The report also said Lagos, FCT, and Rivers states recorded the highest IGR with N815.86 billion, N211.10 billion and N195.41 billion respectively over the reference period.

NBS said however, Taraba, Yobe and Kebbi states reported the least revenues with N10.87 billion, N11.19 billion and N11.74 billion respectively.

It also said Pay As You Earn (PAYE) was the most tax revenue recorded during the period (N1.24 trillion), representing 63.83 percent of the total taxes collected, while capital gains tax was the least with N5.91 billion.

Total taxes to total IGR, according to the report, stood at about 80 percent nationally.

NBS said the report highlights the Internally Generated Revenue (IGR) in 2023 for the 36 States and the FCT.

The NBS said: “It has two broad categories of revenues: i. Taxes ii. Ministries, Departments and Agencies (MDAs) revenue.

“The taxes include PAYE, direct assessment, road taxes, stamp duties, capital gain tax, Withholding taxes, other taxes and LGAs revenue.”