NBS, however, listed Kebbi, Taraba and Yobe as the states with the lowest IGR during that year
By Kehinde Okeowo
The National Bureau of Statistics (NBS) has named Lagos and Rivers as the most viable states in 2022 after they earned the highest Internally Generated Revenue (IGR).
It also said these two states were followed by the nation’s capital, the Federal Capital Territory (FCT).
This was disclosed on Monday, when NBS made its Internally Generated Revenue State Level report public.
According to the report, Lagos (N651 billion), Rivers (N172 billion) and FCT (N124 billion) generated the highest IGR in the period under review.
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Meanwhile, the lowest three performing states in 2022 were Kebbi, Taraba and Yobe, with N9,146 billion, N10,238 billion and N10,456 billion, respectively.
The report further stated that a total of N1.93 trillion IGR was generated by the 36 states and the FCT.
It, however, noted that the taxes sub-category recorded in the period included Pay As Your Earn, direct assessment, road taxes, stamp duties, capital gain tax, withholding taxes, other taxes and LGAs revenue.
“PAYE was the most contributing revenue source during the year, recorded 67.62 per cent share to the total tax generated revenues nationwide. While capital gains tax was the least in the year under review with 0.24 per cent share to 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 N11.83bn, N11.51bn, and N8.70bn respectively.” the report also stated.
Despite the growth in IGR, states relied heavily, as in other years, on allocations from the Federal Government in 2022. Total FAAC allocation to states, excluding the FCT, was N3.16tn, 63.73 per cent more than the total states’ IGR for the year. In 2022, states domestically borrowed N870bn to augment their expenses.
In 2022, only 11 states including the FCT attracted foreign investors.