Lagos’ IGR in 2024 was over 3x more than all other South West states combined

  • Lagos drives most revenue in the South West, accounting for the clear majority of the region’s IGR.
  • Each geopolitical zone has one dominant state that shapes its revenue profile.
  • Fiscal capacity remains heavily skewed toward a few urban and resource-rich states.

Lagos’ IGR in 2024 was more than 3x the combined IGR of the rest of the South West, highlighting the concentration of fiscal capacity in one state.

Across zones, each region has one clear revenue anchor state: Rivers in the South South, the FCT in the North Central, Enugu in the South East, Kano in the North West, and Bauchi in the North East. These leading states account for a significant share of their regions’ IGR, showing how economic activity and tax capacity remain unevenly distributed.

Source:

National Bureau of Statistics (NBS)

Period:

2024
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Lagos State generated the vast majority of Nigeria's IGR at ₦1.3 trillion, accounting for over 35% of the ₦3.7 trillion total IGR
  • Nigeria’s total IGR in 2024 was ₦3.7 trillion.
  • Lagos State generated ₦1.3 trillion, accounting for over 35% of the national IGR.
  • Rivers State (₦317.3 billion) and the FCT, Abuja (₦282.4 billion) ranked second and third, respectively.
  • The South West led regionally with ₦1.7 trillion in total IGR.
  • The North East recorded the lowest regional IGR at ₦129.8 billion.
  • Economic disparity between regions remains wide, with Lagos alone outpacing entire regions.
Nigeria’s South East region is the only one where MDAs' revenue (60.9%) exceeded Total Tax Revenue (39.10%) in 2024
  • The South East is the only region where the revenue of MDAs (60.9%) exceeded tax revenue (39.1%).
  • Other regions relied more heavily on tax revenue, with the South South leading at 85.25%.
  • The North East and North Central followed closely, with tax contributions of 79.9% and 79.15%, respectively.
  • The South West generated 75.04% of its IGR from taxes, indicating a strong formal revenue structure.
  • The North West maintained a more balanced mix, with 58.54% tax and 41.46% MDAs’ revenue.
In ten years, Osun State’s IGR rose nearly fivefold to ₦54.7b in 2024, driven by a great 97% leap from 2023
  • Osun’s Internally Generated Revenue (IGR) grew from ₦11.78b in 2015 to ₦54.70b in 2024, marking a 364% increase.
  • The state maintained steady annual growth after 2017, with notable acceleration from 2020 onward.
  • The single biggest leap occurred between 2023 and 2024, with revenue nearly doubling from ₦27.72b to ₦54.70b.
  • The upward trend reflects improved tax collection, diversification of revenue sources, and stronger fiscal policies.
Internally Generated Revenue (IGR) constituted 61% of Lagos State’s Q1 2025 total receipts
  • Internally Generated Revenue (IGR) accounted for 61% of Lagos State’s Q1 2025 receipts.
  • VAT was the second-largest funding source, contributing 22%.
  • Loans made up 8% of total inflows for the quarter.
  • Opening balance accounted for 4%, indicating a moderate carryover from the previous year.
Anambra State has tripled its IGR in the last ten years
  • Anambra’s IGR grew sevenfold in 16 years, reaching ₦42 billion in 2024.
  • A ₦26B to ₦42B jump in just six years (2018–2024) indicates accelerating growth.
  • The most dramatic jumps occurred post-2018, pointing to possibly new fiscal reforms or policies.
  • Between 2014 and 2024, revenue grew by over 300%, from ₦10B to ₦42B.
From 2011 to 2022, the highest total revenue recorded by the Nigerian government was in 2011, reaching 17.73%
Key Takeaways:
  • Nigeria's total revenue decreased from 17.73% of GDP in 2011 to 9.09% in 2022.
  • The lowest point for the country’s revenue occurred in 2016, at only 5.12% of GDP.
  • Although there has been some recovery since 2016, revenue still falls well below the levels seen before 2015.
  • The sharpest decline took place between 2011 and 2016, with revenue dropping by over 12 percentage points.
  • In 2020, during the COVID-19 pandemic, there was a significant drop to 6.52%, followed by a period of recovery.
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