Nigeria record 1.6% IGR growth, Hitting N1.9Trn from N1.89Trn

The National Bureau of Statistics has reported a 1.6% year-on-year growth in Internally Generated Revenue for the 36 states and FCT, increasing from N1.89 trillion in 2021 to N1.92 trillion in 2022.
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The NBS released this information in its 2022 IGR at State Level report.

The 2022 IGR primarily drew from two major revenue sources: taxes and revenue generated by Ministries, Departments, and Agencies (MDAs). Within the tax category, Pay As You Earn (PAYE) emerged as the most significant contributor, accounting for a substantial 67.6 percent share of the total tax-generated revenues nationwide.

On the other end of the spectrum, capital gains tax had the smallest share in the year under review, contributing a mere 0.24 percent to the total tax revenue.

The report said: “The NBS published the IGR report for the 36 States and the FCT for 2022. This IGR report contains the following key findings; “The 2022 IGR had two major revenue sources namely; (i) Taxes (ii) MDAs’ revenue.

“Taxes sub-categories recorded in this period are PAYE, Direct Assessment, Road Taxes, Stamp duties, Capital gain tax, Withholding taxes, Other taxes and LGAs revenue.

“The 36 states and the FCT generated a total sum of ₦1.92 trillion as  IGR in 2022. This grew by 1.57 percent compared to ₦1.89 in 2021.

“Like what was recorded in 2021, the leading states in total IGR during the year were Lagos, Rivers, as well as the FCT with ₦651.14 billion, ₦172.82 billion and ₦124.36 billion respectively.

“While the least three performing states during the year were Kebbi, Taraba and Yobe with the value of ₦9.14 billion, ₦10.23 billion, and ₦10.45 billion respectively.

“PAYE was the most contributing revenue source during the year, recording 67.6 percent share to the total tax generated revenues nationwide. Capital gains tax was the least in the year under review with 0.24 percent 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 ₦11.8 billion, ₦11.5 billion, and ₦8.7 billion, respectively.”

The NBS released this information in its 2022 IGR at State Level report.

The 2022 IGR primarily drew from two major revenue sources: taxes and revenue generated by Ministries, Departments, and Agencies (MDAs). Within the tax category, Pay As You Earn (PAYE) emerged as the most significant contributor, accounting for a substantial 67.6 percent share of the total tax-generated revenues nationwide.

On the other end of the spectrum, capital gains tax had the smallest share in the year under review, contributing a mere 0.24 percent to the total tax revenue. Press Tab to write more...

The report said: “The NBS published the IGR report for the 36 States and the FCT for 2022. This IGR report contains the following key findings; “The 2022 IGR had two major revenue sources namely; (i) Taxes (ii) MDAs’ revenue.

“Taxes sub-categories recorded in this period are PAYE, Direct Assessment, Road Taxes, Stamp duties, Capital gain tax, Withholding taxes, Other taxes and LGAs revenue.

“The 36 states and the FCT generated a total sum of ₦1.92 trillion as  IGR in 2022. This grew by 1.57 percent compared to ₦1.89 in 2021.

“Like what was recorded in 2021, the leading states in total IGR during the year were Lagos, Rivers, as well as the FCT with ₦651.14 billion, ₦172.82 billion and ₦124.36 billion respectively.

“While the least three performing states during the year were Kebbi, Taraba and Yobe with the value of ₦9.14 billion, ₦10.23 billion, and ₦10.45 billion respectively.

“PAYE was the most contributing revenue source during the year, recording 67.6 percent share to the total tax generated revenues nationwide. Capital gains tax was the least in the year under review with 0.24 percent 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 ₦11.8 billion, ₦11.5 billion, and ₦8.7 billion, respectively.”

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