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Top 10 States with the Highest Internally Generated Revenue in 2023

Published by admin on October 29th, 2024.

Top 10 States with the Highest Internally Generated Revenue in 2023

In 2023, the 36 states and the Federal Capital Territory (FCT) of Nigeria collectively generated N2.43 trillion in Internally Generated Revenue (IGR), marking a 26.03% increase from the N1.93 trillion reported in 2022, according to the National Bureau of Statistics (NBS).

Leading the way in IGR collection were Lagos, the FCT, and Rivers, which generated N815.86 billion, N211.10 billion, and N195.41 billion, respectively. In contrast, Taraba, Yobe, and Kebbi had the lowest revenues, collecting N10.87 billion, N11.19 billion, and N11.74 billion.

The report revealed that the Pay-As-You-Earn (PAYE) tax contributed significantly to the revenue, totaling N1.24 trillion, which is about 63.83% of all taxes collected. Conversely, capital gains tax generated only N5.91 billion. Overall, taxes constituted roughly 80% of the total IGR across the states and FCT.

The top ten states accounted for N1.775 trillion of the total IGR, representing approximately 73.1% of the combined revenue. Notably, seven of these states are located in the southern region, while only three are in the north.

Here are the top ten states with the highest IGR in 2023:

10. Akwa Ibom: Generated N43.18 billion, consisting of N36.07 billion in taxes and N7.11 billion from MDAs. This reflects a 24% increase from N34.81 billion in 2022.

9. Oyo: Collected N52.74 billion in IGR, with N40.52 billion from taxes and N12.12 billion from MDAs. This figure represents a decrease from N62.24 billion in 2022.

8. Kwara: The first northern state on the list, Kwara generated N59.64 billion, including N23.12 billion in taxes and N36.51 billion from MDAs. This marks a 66.8% increase from N35.75 billion in 2022.

7. Kaduna: Reported an IGR of N62.49 billion, up from N58.09 billion in 2022, comprising N49.02 billion in taxes and N13.46 billion from MDAs.

6. Edo: Recorded N64.67 billion in IGR, made up of N46.17 billion in taxes and N18.5 billion from MDAs. This represents an increase from N47.45 billion in the previous year.

5. Delta: This oil-rich state generated N114.08 billion, including N90.91 billion from taxes and N23.17 billion from MDAs, reflecting a 32.8% increase from N85.9 billion in 2022.

4. Ogun: The neighboring state to Nigeria’s economic hub generated N146.87 billion, comprising N71.67 billion in tax revenue and N75.19 billion from MDAs. This marks an increase from N120.58 billion.

3. Rivers: Generated N195.41 billion, with N186.96 billion from taxes and N8.447 billion from MDAs, an increase from N172.82 billion in 2022.

2. FCT: The nation’s capital saw its revenue rise by nearly 70%, from N124.36 billion to N211.10 billion, without generating any revenue from MDAs.

1. Lagos: Nigeria’s economic powerhouse topped the list with a remarkable N815.86 billion, consisting of N704.90 billion in taxes and N110.96 billion from MDAs. Lagos increased its IGR by 25% from N615.14 billion, surpassing the second-ranked FCT by N604.76 billion.