What is the internally generated revenue of Lagos State?
Lagos state tops the list of the states with the highest IGR with a total of 267.2 billion naira, FCT follows with a total of 69.1 billion naira and Rivers comes third with a total IGR of 57.3 million naira.
What is the major source of revenue in Lagos State?
Tax as Major Source of Revenue Generation in Lagos State.
How much revenue does Lagos State generate monthly?
N45 billion monthly
I am pleased to let you know that Lagos State has grown its IGR from N600 million monthly in 1999 to over N45 billion monthly as of today, an astounding increase of 7,400 per cent.
Which state has the highest internally generated revenue in Nigeria?
Lagos state has the highest Internally Generated Revenue with N267. 23bn in H1 2021, followed by the Federal Capital Territory with N69.
What is internally generated revenue?
Internally generated revenue (IGR) is the revenue that the local government generates within the area of its jurisdiction. The capacity of local government to generate revenue internally is one very crucial consideration for the creation of a local council.
What state generates the most revenue?
state of California
In the fiscal year of 2021, the state of California collected a total of 248.19 billion U.S. dollars in tax revenue, the highest of any state.
What are internally generated revenue?
What are the 5 major sources of revenue for the state government?
Top 10 Revenue Resources For State Governments
- Tax. Tax is said to be a compulsory levy that is imposed by the relevant authority whereby taxpayers are not permitted to claim anything.
- Licence Fee.
- Surplus Gotten From Public Sector Units.
- Fine And Also Penalties.
- Gifts And Grants.
- Printing Paper Money.
What is internal generated revenue?
What are the sources of internally generated revenue?
… Internal revenue generation involves those revenues that are derived within the state from various sources such as taxes (pay as you earn, direct assessment, capital gain taxes, etc), license (motor vehicle license); earning; fines; miscellaneous, among others (Nnanseh & Akpan, 2015; Abiola & Ehigiamusoe, 2014) .
Which state has the lowest IGR in Nigeria?
19bn while Yobe State recorded the least Internally Generated revenue,” the NBS report indicated. The Lagos State 2020 IGR showed that the state realised N278. 89 billion from the Pay As You Earn (PAYE) taxes; N17.
How much is Nigeria IGR in 2020?
The National Bureau of Statistics Published Internally Generated Revenue at State level for Half Year 2020. The 36 states and FCT IGR figure hits N612. 87bn in H1 2020 compared to N693. 91bn recorded in 2019.
What are the internally generated revenue in Nigeria?
As of the first half of 2021, Nigerian government revenue raised internally amounted to approximately 398 billion Nigerian naira (NGN), roughly 958 million U.S. dollars. In 2020, an Internally Generated Revenue (IGR) of more than 1.3 trillion NGN, some 3.1 billion U.S. dollars, was registered.
What are the internal sources of local government revenue?
Local government revenue comes from property, sales, and other taxes; charges and fees; and transfers from federal and state governments.
What are the two biggest sources of state revenue?
Income and sales taxes make up the majority of combined state tax revenue, while property taxes are the largest source of tax revenue for local governments, including school districts.
How much revenue does each state generate?
|State||Tax revenue in billion U.S. dollars|
What are internally generated funds?
Internally Generated Funds means funds not constituting the proceeds of any Loan, Debt Issuance, Equity Issuance, Asset Sale, insurance recovery or Indebtedness (in each case without regard to the exclusions from the definition thereof).
Which state is the highest tax in Nigeria?
Lagos state generated the highest revenue from road tax in 2020, followed by Zamfara.
What are the 10 major sources of revenue?
The rest comes from a mix of sources.
- TOTAL REVENUES.
- INDIVIDUAL INCOME TAX.
- CORPORATE INCOME TAX.
- SOCIAL INSURANCE (PAYROLL) TAXES.
- FEDERAL EXCISE TAXES.
- OTHER REVENUES.
- SHARES OF TOTAL REVENUE.
- Updated May 2020.
Did Lagos State suffer a N180 billion revenue shortfall in 2021?
Lagos State’s Internally Generated Revenue (IGR) for 2021 might have suffered a N180 billion shortfall at the end of the year. Governor Sanwo-olu. Photo/FACEBOOK/ jidesanwooluofficial Lagos State’s Internally Generated Revenue (IGR) for 2021 might have suffered a N180 billion shortfall at the end of the year.
Is there a relationship between IGR and total revenue in Lagos?
The result further showed a long run relationship between IGR and total revenue and this has enabled the state to carry out its budgetory responsibilities, hence IGR has a positive relationship to the total revenue generated in Lagos State during this period. 3.0 METHODOLOGY
What are the keywords of Lagos State Government?
Keywords Lagos State Government, Federal Government of Nigeria, Total Revenue, Internally Generated Revenue, Infrastructural Development, Capital Expenditure and Economic Growth. Created Date 4/2/2021 7:43:29 AM
How much does the state of Nigeria generate in a month?
But the quarter one and half year statistics by NBS revealed that the state generated N127 billion and N267.23 billion in quarter one and half year respectively in 2021. Also, a breakdown of NBS statistics revealed that the state generated N44.5 billion monthly.