Full List: New Report Shows Nigeria’s Geopolitical Zones With The Highest IGR Growth in 3 Years
- A new report from the NBS has revealed that the 36 states earned about N1.9 trillion in Internally Generated Revenue (IGR) in 2022
- The NBS data said Lagos led the list of top-performing states with N651.15 billion in IGR
- The report also showed North East, South East, and South West led regions with the highest IGR growth in the last 3 years
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The National Bureau of Statistics (NBS) has said that the 36 states in 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.
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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.
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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 per cent 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 are withholding 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.
States still rely on federal allocations
The states relied more on allocations from the Federation account.
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 earlier reported that Lagos also topped the list of Nigerian states with the highest external debt with $1.2 billion.
The state was followed by Kaduna state, whose external debts were mostly bilateral, unlike Lagos, which had its debts on Eurobonds, among others.
However, in a geopolitical spread, the North East recorded the highest IGR growth in the last three years, with Borno State leading the pack in the zone.
IGR growth by geopolitical zones from 2019
North East
- Borno: +133.17%
- Bauchi: +107.19%
- Gombe: +99.02%
South East
- Imo: +212.75%
- Abia: +29.73%
- Anambra: 28.83%
South West
- Oyo: +134.13%
- Ogun: +48.10% 3
- Osun: +39.00%
North West
- Jigawa: +58.97%
- Katsina: +55.53%
- Kaduna: +29.22%
North Central
- FCT: +66.79%
- Nasarawa: +32.63%
- Niger: +24.45%
South South
- Edo: +34.62%
- Delta: +32.81%
- Rivers: +1.90%
Nigeria's Most Indebted Geopolitical Zones in 2022
Legit.ng earlier reported that data from the Debt Management Office (DMO) showed Nigeria's total debt stock hit over N41 trillion as of March 2021.
The breakdown of the debt, tabulated by Legit.ng, showed that the various states in Nigeria contribute immensely to the national debt stock.
Source: Legit.ng
