Nigeria Internally Generated Revenue rises

Lagos Maintains Top Spot in Internally Generated Revenue for 2024

According to the National Bureau of Statistics’ 2024 Internally Generated Revenue at State Level report, Lagos has retained its position as the state with the highest revenue generation in Nigeria. The report, announced on Monday, indicates that the 36 states and the Federal Capital Territory collectively generated ₦3.6 trillion in internally generated revenue (IGR), representing a 49.7% increase from ₦2.43 trillion in 2023.

The top five revenue-generating states are Lagos, with ₦1,261,556,415,048.56, followed by Rivers, with ₦317,303,986,832.38, the Federal Capital Territory, with ₦282,364,055,025.74, Ogun, with ₦194,933,884,872.57, and Enugu, with ₦180,500,141,598.36. In contrast, the bottom five states are Adamawa, with ₦20,298,222,818.56, Taraba, with ₦17,460,514,087.44, Kebbi, with ₦16,971,704,831.43, Ebonyi, with ₦13,177,829,475.63, and Yobe, with ₦11,084,367,202.33.

The full list of states and their respective IGRs is as follows: Lagos, ₦1,261,556,415,048.56; Rivers, ₦317,303,986,832.38; FCT, ₦282,364,055,025.74; Ogun, ₦194,933,884,872.57; Enugu, ₦180,500,141,598.36; Delta, ₦157,785,188,072.55; Edo, ₦91,153,908,548.19; Akwa Ibom, ₦75,768,017,871.08; Kano, ₦74,771,014,335.51; Kaduna, ₦71,574,658,542.97; Kwara, ₦71,197,075,565.91; Bayelsa, ₦64,013,288,202.51; Jigawa, ₦59,455,563,495.20; Oyo, ₦65,287,038,267.92; Osun, ₦54,767,865,323.88; Cross River, ₦47,018,239,529.33; Anambra, ₦42,689,648,058.74; Abia, ₦40,009,340,912.93; Katsina, ₦39,152,790,613.55; Bauchi, ₦32,427,554,765.85; Kogi, ₦32,012,618,177.80; and Niger, ₦34,660,234,106.71.

This significant increase in IGR is a positive development for the Nigerian economy, indicating a potential shift towards greater financial autonomy for states. As the country continues to navigate its economic challenges, the importance of internally generated revenue cannot be overstated. The National Bureau of Statistics’ report provides valuable insights into the revenue generation capabilities of each state, highlighting areas of strength and weakness.