South West States generate N1.12trn IGR in 2023
A total of six States in the South West geopolitical zone in Nigeria generated N1.12 trillion Internal Generated Revenue (IGR) in 2023, about 46per cent of the N2.43 trillion total revenue generated by 36 states and Federal Capital Territory.
The six South West states are Lagos, Ogun, Oyo, Osun, Ekiti and Ondo.
The latest National Bureau of Statistics (NBS) “Internally Generated Revenue at State Level” report revealed that Lagos state generated the highest IGR across the 36 States and FCT.
Lagos states generated an estimated N815.86billion in 2023, followed by FCT with N211.1 billion and Rivers, N195.4billion.
From the South West geopolitical zone, Ogun generated the second highest revenue, followed by Oyo with an estimated N52.7 billion in 2023.
Ondo followed Oyo with N41.5billion, Ekiti, N32.1 billion and Osun state generated N27.93 billion IGR in 2023.
Lagos State’s IGR is driven by a well-diversified revenue base and efficient tax administration, supported by its high economic activity and population density.
This financial structure allows Lagos to generate significant revenue independently of federal allocations, giving the state greater financial autonomy for infrastructure and development projects.
The 36 states and the FCT generated a total of N2.43 trillion as IGR in 2023, indicating a growth rate of 26.03 per cent from N1.93 trillion recorded in 2022.
According to the report, Taraba, Yobe and Kebbi states reported the least revenues with N10.87 billion, N11.19 billion and N11.74 billion respectively.
“PAYE was the most tax revenue recorded during the period (N1.24 trillion), representing 63.83 per cent of the total taxes collected, while capital gains tax was the least with N5.91 billion. Total taxes to total IGR stood at about 80 per cent nationally,” the report added.
