Internally Generated Revenue in Lagos Estate Exceeds 20 States Revenue Combined

A new report by the Economic Confidential, an intelligence magazine, has indicated that the N398 billion generated as Internally Generated Revenue (IGR) by Lagos State in 2019 is higher than those of 20 other states put together.

The report, which was released yesterday, showed that in 2019, the IGR generated by Katsina, Borno, Bayelsa and four other states were far below 10 per cent of their receipts from the Federation Account Allocations Committee (FAAC) in the same year.

The Annual States Viability Index (ASVI) released by the Economic Confidential also showed that without the monthly disbursement from FAAC, many states remain unviable and cannot survive.

The IGR are generated by states through Pay-AS-You-Earn (PAYE) tax, direct assessment, road taxes and revenues from Ministries, Depart