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N579.5bn : Nigeria Hits Highest Internally Generated Revenue Mark in a Decade, Fueled by Pay-As-You-Earn Tax

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Nigeria grew its internally generated revenue by 27.7 percent in the first half of 2018, recording a total of N579.5 billion by June 2018, over N453.833 billion posted in corresponding period of 2017, a newly released data from the Nigerian Bureau of Statistics (NBS) shows.

According to the data body, in its Half Year 2018 Internally Generated Revenue report published Tuesday, 28 states recorded growth in IGR while eight states, including Abia, Anambra, Benue, Taraba, Kebbi, Kwara, Ebonyi and Enugu, recorded a decline in 2018 H1.

The report which tracks revenue performance of the  Africa’s largest economy’s 36 states and the Federal Capital Territory, indicated that in the first and second quarters of the year, the states generated N280.835 billion and N263.343 billion respectively, with Lagos, Rivers, Ogun, FCT and Delta being the best five performers during the period under review.

Lagos State generated N196.395 billion, up by 16.88 percent from N168.025 billion in H1 2017, to top the list, while Rivers state, with N60.906 billion, an increase of 36.13 percent, from the N44.742 billion recorded last year, came send.

Ogun state came third with a 6.70 percent improvement to N42.519 billion from N39.849 billion in the comparable period of 2017, while the FCT generated N35.311 billion during the period, and Delta state posted N29.797 billion, a growth of 17.80 percent from N25.103 billion in 2017.

The revenues generated by the 36 states came mainly from Pay-As-You-Earn Tax (N352.509 billion), Direct Assessment (N26.293 billion), Road Taxes (N11.681 billion), Other Taxes (N84.033 billion) and revenues from Ministries, Departments and Agencies (N104.972 billion), the NBS data shows.

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