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Lagos, Rivers, and the FCT led as the total Internally Generated Revenue of states in the country marginally rose to N1.93tn in 2022.
Data from the National Bureau of Statistics on Monday, revealed that the states could only raise their IGR by 1.57 per cent from the N1.89tn they recorded in 2021.
The IGRs by the states showed Lagos (N651.15bn), Rivers (N172.82bn), FCT (N124.37bn), Ogun (N120.58bn), and Delta (N85.90bn) were the top five states in terms of revenue generated.
Kebbi (N9.15bn), Taraba (N10.24bn), Yobe (N10.46bn), Ebonyi (N12.43bn), and Katsina (N13.06bn), were the bottom states.
The NBS disclosed that 2022 IGR figures for the states had two major revenue sources namely, taxes and Ministries, Departments and Agencies’ revenue.
It 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.
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.”
Total PAYE collected in 2022 was N994.41bn, direct assessment tax amounted to N52.35bn, road taxes was N24.57bn, stamp duties was N27.13bn, capital gain tax was N3.52bn, withholding tax was N139.91bn, other taxes amounted to N179.95bn, LGA revenue amounted to N48.71bn, and the states made N455.07bn from their MDAs.
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 with the others losing out on investment opportunities.