Nigeria’s Internally Generated Revenue (IGR) surged by 49.7 percent in 2024, climbing to ₦3.63 trillion from ₦2.43 trillion recorded in 2023, according to the latest report from the National Bureau of Statistics (NBS).
The report shows that Lagos, Rivers, and the Federal Capital Territory (FCT) maintained their lead as the top-performing states in revenue generation. Lagos State topped the chart with ₦1.26 trillion, followed by Rivers with ₦317.30 billion and the FCT with ₦282.36 billion.
In contrast, Yobe, Ebonyi, and Kebbi states recorded the lowest IGR figures, posting ₦11.08 billion, ₦13.18 billion, and ₦16.97 billion, respectively.
The NBS report categorizes state revenues into two broad groups — Tax Revenue and Revenues from Ministries, Departments, and Agencies (MDAs).
Tax revenues included Pay-As-You-Earn (PAYE), Direct Assessment, Road Taxes, Stamp Duties, Capital Gains Tax, Withholding Taxes, and other levies, as well as revenues from Local Government Areas (LGAs).
PAYE remained the dominant source of revenue, generating ₦1.86 trillion, or 69.84 percent of total tax collections nationwide. Capital Gains Tax contributed the least, with ₦10.57 billion.
Overall, total tax revenue accounted for approximately 73.35 percent of the total IGR recorded across the 36 states and the FCT in 2024.