Nigeria recorded a remarkable fiscal leap in 2024, as its Internally Generated Revenue (IGR) rose year-on-year by 49.7 percent, reaching ₦3.63 trillion compared to ₦2.43 trillion in 2023.
According to the National Bureau of Statistics (NBS) report, Lagos, Rivers, and the Federal Capital Territory (FCT) maintained their lead as Nigeria’s top-performing subnational economies — generating ₦1.26 trillion, ₦317.30 billion, and ₦282.36 billion respectively.
Meanwhile, Yobe, Ebonyi, and Kebbi recorded the lowest revenue figures, with ₦11.08 billion, ₦13.18 billion, and ₦16.97 billion, respectively — highlighting the persistent revenue disparities across Nigerian states.
The NBS report categorizes the IGR into two major streams: Tax Revenue and Ministries, Departments and Agencies (MDAs) Revenue. Among tax components, Pay As You Earn (PAYE) dominated collections, contributing ₦1.86 trillion — about 69.84 percent of total tax revenue — while Capital Gains Tax was the least contributor at ₦10.57 billion.
Overall, taxes accounted for 73.35 percent of Nigeria’s total IGR in 2024.
This growth trajectory reflects a renewed fiscal discipline and diversification effort across Nigerian states, as the country continues to seek less dependence on oil revenues and strengthen its subnational economies.
From a broader perspective, Nigeria’s IGR progress signifies Africa’s growing focus on internal resource mobilization, an essential step toward economic sustainability and financial autonomy in an era of fluctuating global oil prices and shifting international aid patterns.