IGR: Lagos Leads Other States With N651.1bn, Rivers N172.8bn  

*FCT Generates N124,366,774,519.25 Lagos states led other states of the federation in the amount of internally generated revenue in 2022, according to the IGR report released by the National Bureau of Statistics (NBS) on Monday. According to the National Bureau of Statistics, Lagos, Rivers, and the Federal Capital Territory (FCT) stood out as the leading states in terms of IGR, ranking in  impressive amounts of N651,145,633,085.30, N172,823,232,535.44, and N124,366,774,519.25, respectively. On the other end of the spectrum, Kebbi, Taraba, and Yobe were the least successful in generating revenue, managing to collect only N9,146,249,907.83, N10,238,110,125.95, and N10,456,776,796.18, respectively. Collectively, the 36 states of Nigeria and the Federal Capital Territory (FCT) managed to generate a total of N1,925,612,626,650.76 as IGR in 2022. This represented a modest growth of 1.57 per cent when compared to the N1,895,786,762,263.80 generated in the previous year, 2021. The report further stated that the revenue for 2022 came from taxes, including various types, and the income generated by different government departments and agencies. The total revenue collected across all states and the FCT increased slightly compared to the previous year. According to the report, the main source of revenue for the year was the pay-as-you-earn (PAYE) tax, contributing a significant 67.62 per cent to the total tax revenues generated across the country. The report also stated that capital gains tax, on the other hand, played a much smaller role, accounting for only 0.24 per cent of the total tax revenue. In terms of local government area (LGA) revenue, Oyo, Lagos, and Jigawa emerged as the top three states. They reported impressive figures of N11,832,437,020.33, N11,505,586,283.35, and N8,700,993,591.78, respectively. The NBS report also noted that in the year 2022, the Internally Generated Revenue (IGR) was primarily driven by two major sources: taxes and revenue from Ministries, Departments, and Agencies (MDAs).

Nigeria’s Q2 Capital Importation Decreases By 32.9% – NBS

In the second quarter of 2023, total capital importation into Nigeria stood at $1,030.21 billion, lower than $1,535.35 billion recorded in the second quarter, indicating a decrease of 32.90 per cent, the National Bureau of Statistics (NBS), has said. The bureau noted in its Nigeria Capital Importation Q2 2023, when compared to the preceding quarter, capital importation fell by 9.04 per cent from $1,132.65 billion in Q1 2023. The statistics agency stated that Other Investment ranked top accounting for 81.28 per cent ($837.34 million) of total capital importation in Q2 2023, followed by Portfolio Investment with 10.37 per cent ($106.85 million) and Foreign Direct Investment (FDI) with 8.35 per cent ($86.03 million). “The production sector recorded the highest inflow with $605.04 million, representing 58.73 per cent of total capital imported in Q2 2023, followed by the banking sector, valued at $194.58 million (18.89%), and Shares with $68.63 million (6.66%). “Capital importation during the reference period originated largely from the United States with $271.92 million, accounting for 26.39 per cent, followed by Singapore and the Republic of South Africa with $177.44 million (17.22%) and $136.95 million (13.29%) respectively. “Lagos state remained the top destination in Q2 2023 with $778.06 million, accounting for 75.52 per cent of total capital, followed by Abuja (FCT), with $194.28 million (18.86%). “First Bank of Nigeria Limited received the highest capital into Nigeria in Q2 2023 with $323.13 million (18.23%), followed by Citibank Nigeria Limited with $187.77 million (12.23%) and Rand Merchant Bank with $126.03 (6.47%), the bureau said.