The Nigerian States With The Highest Internally Generated Revenue
- A new report by the National Bureau of Statistics (NBS) shows that Nigerian states increased their IGR to N1.89 trillion in 2021
- The increase is a jump of 21.5 per cent compared to N1.56 trillion recorded the year before
- Lagos, Abuja and Rivers lead the pact of states with the highest IGR in the period under review, while Sokoto showed the most improvement
Data released by the National Bureau of Statistics says that the 36 states in Nigeria, including the Federal Capital Territory, had a combined Internally Generated Revenue (IGR) of N1.89 trillion in 2021, representing an increase of 21.5 per cent compared to N1.56 trillion recorded in 2021.
According to reports, the cumulative internally generated revenue recorded by the states increased above the pre-pandemic levels after it plummeted in 2020 because of lockdowns across the states to curtail the spread of the COVID-19 pandemic.
Source: Getty Images
In the pandemic year of 2020, the IGR recorded by the states went down from N1.64 trillion in 2019 to N1.56 trillion.
But with economic activities resuming full-scale across Nigeria, the IGR of the states jumped above the pre-pandemic levels.
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NBS breakdown indicates that tax revenue accounted for 65 per cent of the total amount generated in the period under review at N1.23 trillion, while N665.89 trillion came from other sources.
Lagos led the pack with an aggregate IGR of N753.5 billion, followed by Abuja with N131.92 billion.
Additionally, Sokoto State recorded the highest year-on-year rise, growing its revenue by 101.4 per cent to stand at N23.76 billion.
Below are the states with the highest IGR in 2021
Lagos
The economic capital of Nigeria, Lagos, generated a total sum of N753.46 billion as Internally Generated Revenue in 2021, which accounted for 39.7 per cent of the total inflows recorded by all the states and the FCT.
The state increased its IGR by 14.2 per cent from N659.99 billion recorded in 2020. N405.1 billion came through taxes, while N348.4 billion came from other sources.
Abuja
Nigeria’s seat of power, the federal capital territory, came a distant second on the list with a total IGR of N131.9 billion, all from taxes. Abuja’s IGR accounted for 7% of the total states’ IGR in the reviewed period.
Abuja increased its revenue by 43.3 per cent from 92.1 billion in 2020 and 74.6 billion in 2019.
Rivers
Rivers State made about N123.3 billion from IGR in 2021, which accounted for 6.5 per cent of the total internal revenue of the state.
About N115.7 billion came from tax revenue, while N7.61 billion came from other sources.
The state increased its IGR by 5.3 per cent from N117.2 billion recorded in 2020 to N123.3 billion.
The News Agency of Nigeria reported that last month, during the IGR meeting of the Nigeria Governor’s Forum (NGF), the Chairman of the Forum, Kayode Fayemi stated that the states grew their IGR from N1.31 trillion in 2019 to 35 per cent, attributing the increase to tax reforms across the states.
Fayemi said that the states in Nigeria are working with revenue agencies expand ttheir tax nets in accordiance with various tax laws across the states while educating citizens about the need to pay their taxes.
Other states include:
- Ogun- N100.73bn
- Delta - N80.2bn
- Kaduna - N52.9bn
- Oyo- N52.1bn
- Edo - N42.4bn
- Kano-N40.4bn
- and Akwa Ibom-N31.4bn.
States in Nigeria with the highest external debts as National Debt Stock hits $41.77 billion
Legit.ng reported that according to the Debt Manage Management Office (DMO) Nigeria’s debt stock has hit about $41.77 billion as of March 2022.
A good number of these debts are external borrowings by states in Nigeria which contribute a large chunk of the total debt stocks.
Of the total external debt stock, Lagos State, Kaduna and Cross River are the leading states in Nigeria.
Source: Legit.ng
