Business Revenue

Nigeria’s 2022 internally generated revenue grows to N1.92 trillion

The National Bureau of Statistics (NBS) has reported that the 36 states and the Federal Capital Territory (FCT) witnessed a 1.6 per cent year-on-year growth in Internally Generated Revenue (IGR), amounting to N1.92 trillion in 2022, up from N1.89 trillion in 2021. These figures are outlined in the NBS report on Internally Generated Revenue at State Level for 2022.

According to the NBS, the IGR in 2022 primarily derived from two major revenue sources, namely taxes and Ministries, Departments, and Agencies’ (MDAs’) revenue. Within the taxes sub-category, various components contributed to the revenue, including Pay As You Earn (PAYE), Direct Assessment, Road Taxes, Stamp duties, Capital gain tax, Withholding taxes, Other taxes, and Local Government Areas (LGAs) revenue.

The report highlights, “Similar to what was observed in 2021, the states leading in total IGR in 2022 were Lagos, Rivers, and the FCT, with ₦651,145,633,085.30, ₦172,823,232,535.44, and ₦124,366,774,519.25, respectively. On the other hand, the three least performing states during the year were Kebbi, Taraba, and Yobe, with values of ₦9,146,249,907.83, ₦10,238,110,125.95, and ₦10,456,776,796.18, respectively.”

The report highlights that PAYE was the most significant contributing revenue source in 2022, accounting for a 67.62 per cent share of the total tax-generated revenues nationwide. Conversely, capital gains tax generated the least revenue in 2022, contributing only 0.24 per cent to the total tax revenue.


The NBS report also notes that Oyo, Lagos, and Jigawa states led in Local Government Area (LGA) revenue reported during the year, with these states recording ₦11,832,437,020.33, ₦11,505,586,283.35, and ₦8,700,993,591.78, respectively.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.