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UPDATE: States, FCT grow IGR by 1.6% to N1.9 trn in 2022
“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.
The National Bureau of Statistics, NBS, said the 36 states and the Federal Capital Territory (FCT) recorded a 1.6 percent year-on-year growth in Internally Generated Revenue, IGR, to N1.92 trillion in 2022 from N1.89 trillion in 2021.
The NBS disclosed this in its IGR at State level report for 2022.
According to NBS, the 2022 IGR had two major revenue sources namely; taxes and Ministries, Departments and Agencies’ (MDAs’) revenue.
It noted that Pay As You Earn (PAYE) was the most contributing revenue source during the year, recording a 67.6 percent share of the total tax-generated revenues nationwide. Capital gains tax was the least in the year under review with a 0.24 percent share of 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.”
