- Lagos, Rivers, FCT generate highest revenue
BY FESTUS OKOROMADU,
ABUJA
The 36 states of the federation and the Federal Capital Territory generated a total sum of ₦1,925,612,626,650.76 as Internally Generated Revenue in 2022.
The amount represents 1.57 percent growth when compared to ₦1,895,786,762,263.80 in 2021.
The National Bureau of Statistics which disclosed this in its states’ internally generated revenue report released in Abuja on Monday said the 2022 IGR had two major revenue sources namely; Taxes and Ministries, Departments and Agencies’ (MDAs’) revenue.
The report said taxes sub-category recorded during the period were PAYE, Direct Assessment, Road Taxes, Stamp Duties, Capital gain tax, Withholding taxes, other taxes and LGAs revenue.
This is even as the total debt burden of the states and FCT as at September 2023 stood at N9.17 trillion.
The report further revealed the leading states in total IGR during the year as Lagos, Rivers, as well as the FCT with ₦651,145,633,085.30, ₦172,823,232,535.44, and ₦124,366,774,519.25, respectively.
The least three performing states during the year were Kebbi, Taraba and Yobe with the value of ₦9,146,249,907.83, ₦10,238,110,125.95, and ₦10,456,776,796.18, respectively.
The report also stated that PAYE was the highest source of revenue during the year, contributing 67.62 percent share to the total tax generated revenues nationwide, while capital gains tax was the least in the year under review with 0.24 percent share to total tax revenue.
Oyo, Lagos and Jigawa States were the three leading states with highest LGA revenue reported during the year. The states recorded ₦11,832,437,020.33, ₦11,505,586,283.35, and ₦8,700,993,591.78, respectively.
In another development, the NBS said the price of premium motor spirit and that of Diesel rose by 226.75 percent and 12.77 percent respectively in the last one year.
The NBS disclosed this in its Premium Motor Spirit Price Watch for September 2023 also released on Monday.
According to the report, the average retail price paid by consumers of petrol for the month of September 2023 was N626.21, indicating a 226.75 percent increase when compared to the value recorded in September 2022, which was N191.65.
The report said however, comparing the average price value with the previous month of August 2023, the average retail price decreased marginally by 0.08 percent from N626.70.
On state profile analysis, Taraba State had the highest average retail price for Premium Motor Spirit (Petrol), at N665.56, Borno and Benue States were next, with N657.37 and N641.29, respectively.
On the other side, Rivers, Delta and Jigawa States had the lowest average retail prices for Premium Motor Spirit (Petrol), at N602.55, N605.88 and N617.42 respectively.
The NBS in another report, the Automotive Gas Oil (Diesel) Price Watch for September 2023, said the average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 12.77 percent on a year-on-year basis from a lower cost of N789.90 per litre recorded in the corresponding month of last year to a higher cost of N890.80 per litre in September 2023.
It said on a month-on-month basis, an increase of 4.27 percent was recorded from N854.32 in the preceding month of August to an average of N890.80 in September 2023.
Looking at the variations in the state prices, the top three states with the highest average price of the product in September 2023 include Kano State (N967.78), Anambra State (N950.95) and Niger State (N950.55).
Furthermore, the top three lowest prices were recorded in the following states namely, Bayelsa State (N840.16), Katsina State (N840.55) and Rivers State (N840.82).
The zonal representation of average price of Automotive Gas Oil (Diesel) shows that South East Zone has the highest price of N918.06 while South South Zone has the lowest price N863.97 when compared with other Zones.
