Nigeria’s Internally Generated Revenue Rises To N2.43 Trillion in 2023, Driven by Lagos, FCT

The National Bureau of Statistics (NBS) has reported a significant increase in internally generated revenue (IGR) across Nigeria’s 36 states and the Federal Capital Territory (FCT), reaching N2.43 trillion in 2023.

This marked a 26.5% increase from the N1.92 trillion recorded in 2022, highlighting the country’s improved efforts in internal revenue mobilisation.

The NBS, in a report released on Monday, detailed that the IGR is sourced from two main revenue streams: taxes and revenues from various ministries, departments, and agencies (MDAs).

According to the bureau, the growth underscores the country’s advancement in revenue collection, especially at the state level.

Leading the IGR figures was Lagos State, which accounted for the highest revenue generation with N815.86 billion, representing 33.6% of the total IGR in 2023.

The revenue generated by Lagos saw a substantial 25% increase from N651.15 billion in 2022. “Lagos State has consistently demonstrated strong revenue generation,” the NBS noted, adding that the state’s substantial contribution highlights its status as Nigeria’s commercial hub.

Following Lagos, the FCT and Rivers State also recorded high revenue numbers.

The FCT generated N211.10 billion, while Rivers State collected N195.41 billion in IGR.

Ogun State contributed N146.87 billion, and Delta State generated N90.91 billion, securing their positions among the top-performing states in 2023.

On the other end of the spectrum, Taraba State recorded the lowest IGR at N10.86 billion, followed closely by Yobe (N11.19 billion), Kebbi (N11.73 billion), and Gombe (N15.17 billion).

These figures underscore the ongoing revenue collection challenges in certain regions, particularly in the northern states.

The report also highlighted regional revenue patterns, with the southwest zone recording the highest IGR of N1.1 trillion in 2023.

This was followed by the south-south zone with N468.7 billion. Within the southwest, Lagos alone contributed 73% of the entire regional IGR, reflecting its dominant role in Nigeria’s economy.

The total IGR recorded in other zones included N142.9 billion for the southeast, N206.2 billion for the northwest, and N387.6 billion for the north-central zone. However, the northeast zone generated the least revenue, totaling N104.3 billion.

Boluwatife Enome

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