Nigeria’s internally generated revenue (IGR) saw a 26% increase in 2023, with the 36 states and the Federal Capital Territory (FCT) collectively generating ₦2.43 trillion.
This growth reflects improved revenue collection mechanisms, reforms, and efforts by state governments to boost local income, reducing reliance on federal allocations.
The Federal Inland Revenue Service (FIRS) and various state tax agencies have been credited for strengthening tax administration and enforcing compliance, which contributed significantly to the revenue growth.
Analysts suggest that this increase could bolster state budgets, improve public services, and enhance development projects, especially as states focus on diversifying their revenue streams in response to fluctuating oil prices and economic pressures.
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