Amid a total debt burden of over N9.17 trillion as at September, the 36 states and the FCT could only generate N1,925,612,626,650.76 in 2022 as internally generated revenue (IGR).
The National Bureau of Statistics (NBS) in its states internally generated revenue report yesterday, said the N1,925,612,626,650.76 generated by all the states and the FCT, in 2022, is higher than the N1,895,786,762,263.80 they generated in 2021 by 1.57 percent.
The report said Lagos state led the rest, recording N651,145,633,085.30 IGR, the highest during the period. Rivers and the FCT with IGR of N172,823,232,535.44, and N124,366,774,519.25, respectively, were next to Lagos. The least three performing states during the year under review were Kebbi, Taraba and Yobe with the value of N9,146,249,907.83, N10,238,110,125.95, and N10,456,776,796.18, respectively.
The 2022 IGR, according to NBS had two major revenue sources namely; Taxes and Ministries, Departments and Agencies (MDAs) revenue.
The tax sub-category recorded during the period are, pay-as-you-earn (PAYE), Direct Assessment, Road Taxes, Stamp duties, Capital gain tax, Withholding taxes, Other taxes and LGAs revenue.
The NBS reported that PAYE was the most contributing revenue source during the year, recording 67.62 percent share to the total tax generated revenues nationwide. While capital gains tax was the least in the year under review with only 0.24 percent share to total tax revenue.
The report also shows that Oyo, Lagos and Jigawa states were the three leading states with highest LGA revenue reported during the year. The states recorded N11,832,437,020.33, N11,505,586,283.35, and N8,700,993,591.78, respectively.