Lagos State’s IGR skyrocketed 112% from ₦384.26B in 2013 to a record ₦815.86B in 2023

Key Takeaways

  • Lagos State’s IGR grew by 112%, from ₦384.26B in 2013 to a record ₦815.86B in 2023.
  • Revenue dipped to ₦268.22B in 2015 before recovering and steadily increasing.
  • A major jump occurred in 2019, with IGR rising from ₦382.18B to ₦646.61B in one year.
  • Despite a dip in 2022, IGR hit an all-time high in 2023, signalling a strong economic recovery.

In 2013, Lagos State's Internally Generated Revenue (IGR) stood at ₦384.26B, but by 2015, it had dropped to ₦268.22B, reflecting economic challenges. The state rebounded gradually, surpassing ₦300B in 2016 and reaching ₦382.18B in 2018, signalling steady financial recovery.

A major breakthrough came in 2019, when IGR skyrocketed to ₦646.61B, the highest single-year jump, likely fueled by stronger tax enforcement and revenue diversification. By 2021, Lagos hit ₦753.46B, reinforcing its dominance as Nigeria’s economic hub.

However, 2022 saw a dip to ₦651.15B, possibly due to economic slowdowns or policy adjustments. Yet, in 2023, Lagos bounced back stronger, reaching an all-time high of ₦815.86B, marking a 112% growth from 2013.

Source:

National bureau of statistics

Period:

2013 - 2023
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