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NBS Reports N2.43 Trillion IGR Across 36 States and FCT in 2023, a 26% Increase

Published by Tope Fakinlede on October 29th, 2024.

NBS Reports N2.43 Trillion IGR Across 36 States and FCT in 2023, a 26% Increase

The National Bureau of Statistics (NBS) has announced that the 36 states and the Federal Capital Territory (FCT) generated N2.43 trillion in internally generated revenue (IGR) for 2023. This figure reflects a significant increase of 26.5% compared to the N1.92 trillion reported in 2022.

The IGR consists primarily of revenues from taxes and contributions from ministries, departments, and agencies (MDAs). According to the NBS report released on Monday, Lagos, the FCT, and Rivers State led the rankings for the highest IGR.

Lagos State topped the list with an impressive N815.86 billion, accounting for 33.6% of the total IGR in 2023, which is a 25% rise from the N651.15 billion it generated in 2022. Rivers State followed with N195.41 billion, while the FCT reported N211.10 billion. Other notable contributions came from Delta State with N90.91 billion and Ogun State with N146.87 billion.

In contrast, Taraba State recorded the lowest IGR at N10.86 billion, followed by Yobe (N11.19 billion), Kebbi (N11.73 billion), and Gombe (N15.17 billion).

South-West Zone Leads in Revenue Generation

The NBS highlighted that the South-West zone emerged as the highest revenue-generating region in 2023, with a total of N1.1 trillion. The South-South zone followed with N468.7 billion. Notably, Lagos State contributed a staggering 73% of the IGR from the South-West.

In other regions, the South-East generated N142.9 billion, the North-West brought in N206.2 billion, and the North-Central recorded N387.6 billion. The North-East zone had the least IGR, totaling N104.3 billion.