Lagos, Rivers, and FCT Top List as Internally Generated Revenue Climbs 49% to N3.63 Trillion

Lagos, Rivers, and the Federal Capital Territory (FCT) emerged as the top-performing states in internally generated revenue (IGR) for 2024, as total IGR across the 36 states and the FCT rose by 49.7 percent to N3.63 trillion — up from N2.43 trillion in 2023.

According to the latest report from the National Bureau of Statistics (NBS), Lagos recorded the highest IGR with N1.26 trillion, followed by Rivers with N317.30 billion, and the FCT with N282.36 billion.

At the lower end of the ranking, Yobe, Ebonyi, and Kebbi states posted the least revenues, generating N11.08 billion, N13.18 billion, and N16.97 billion, respectively.

The NBS report classified revenues into two major categories — tax revenue and income from Ministries, Departments, and Agencies (MDAs).

Tax components included Pay-As-You-Earn (PAYE), direct assessment, road taxes, stamp duties, capital gains tax, withholding tax, other taxes, and local government revenues.

PAYE accounted for the largest share of tax revenue during the period, contributing N1.86 trillion, or 69.84 percent of total taxes collected. In contrast, capital gains tax contributed the least, at N10.57 billion. Overall, tax revenue represented about 73.35 percent of the nation’s total IGR in 2024.