Nigeria’s Internally Generated Revenue Grows to N2.43 Trillion in 2023

Thirty-six states and the Federal Capital Territory (FCT) collectively generated N2.43 trillion in Internally Generated Revenue (IGR) in 2023, marking a significant growth rate of 26.03% from the N1.93 trillion recorded in 2022, according to the latest data from the National Bureau of Statistics (NBS).

Lagos State led the way, generating N815.86 billion, which accounts for 34% of the total IGR. The Federal Capital Territory and Rivers State followed, with IGRs of N211.10 billion and N195.41 billion, respectively.

In contrast, Taraba, Yobe, and Kebbi states reported the lowest revenues, with figures of N10.87 billion, N11.19 billion, and N11.74 billion, respectively. Nationally, the ratio of total taxes to total IGR stood at approximately 80%.

The NBS highlighted that Pay-As-You-Earn (PAYE) tax was the largest contributor, generating N1.24 trillion, which represents 63.83% of total taxes collected, while capital gains tax contributed the least at N5.91 billion.

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