In its latest report, Monday, the National Bureau of Statistics (NBS) disclosed that states in the country including Lagos and Rivers were able to internally generate N1.93 trillion in 2022 through taxes and from their Ministries, Departments and Agencies’ (MDAs).
The report shows that Lagos, Rivers and the Federal Capital Territory (FCT) were among the leading states in Internally Generated Revenue (IGR).
The N1.93tn figure realised in 2022 was 1.57 per cent higher from the N1.89tn recorded the year before – 2021.
According to the NBS, the IGRs by the states showed Lagos (N651.15bn), Rivers (N172.82bn), FCT (N124.37bn), Ogun (N120.58bn), and Delta (N85.90bn) were the top five states in terms of revenue generated.
Kebbi (N9.15bn), Taraba (N10.24bn), Yobe (N10.46bn), Ebonyi (N12.43bn), and Katsina (N13.06bn), were the bottom states.
The sub-categories of taxes recorded during the period were found to include apportionment, direct assessment, road tax, stamp duty, capital gains tax, withholding tax, other taxes and LGA revenue.
It said, “PAYE was the most contributing revenue source during the year, recording 67.62 per cent share to the total tax generated revenues nationwide. While capital gains tax was the least in the year under review with 0.24 per cent share to 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.”
Total PAYE collected in 2022 was N994.41 billion, direct tax N52.35 billion, road tax N24.57 billion, stamp duty N27.13 billion, capital gains tax N3 .52 billion and withholding tax N139.91 billion, other taxes amounted to N179.95 billion, LGA revenue totaled N48.71 billion and the state governments earned N455.07 billion from MDAs.
Despite the increase in IGR, in 2022, states remained heavily dependent on allocations from the federal government.
FAAC allocation to states excluding FCT is N3.16 trillion, 63.73% more than the total IGR of the states for the year.
In 2022, the state borrowed N870 billion domestically to boost spending. In 2022, only 11 states, including the FCT, attracted foreign investors, while the remaining provinces missed investment opportunities.
