How does Lagos State generate their revenue?

Lagos State Government’s sources of revenue include taxes on personal income, fines, licenses, fees and levies on business activities, as well as income from investments, altogether known as internally generated revenue.

How much does Lagos State generate monthly?

According to Mr. Egube, the expected Total Internally Generated Revenue (TIGR) for Year 2021 is N723. 817 billion, with N60. 318 billion to be generated monthly.

How does Nigeria generate revenue?

Oil and non-oil revenues are the major sources of government finances. The oil revenue includes proceeds from sales of crude oil, petroleum profit tax, rents and royalties while the components of non-oil revenues are companies’ income tax, customs and excise duties, value-added tax and personal income tax.

How much did Lagos State generate in 2019?

Lagos State remained steadfast in its number one position in IGR with a total revenue generation of N398 billion compared to FAA of N270 billion which translates to 147 per cent in the twelve months of 2019. It is followed by Ogun State which generated IGR of N70.

IT IS INTERESTING:  Question: How much is shipping to Zimbabwe?

Which state generates the highest revenue in Nigeria?

List of Nigerian states by GDP

Rank State GDP (in millions of USD)
1 Lagos State US$33,679
2 Rivers State US$21,073
3 Delta State US$16,749
4 Oyo State US$16,121

What is Lirs salary?

Lagos State Internal Revenue Service (LIRS) Salaries

The average salaries for Lagos State Internal Revenue Service (LIRS) is 300,300 Naira. This data is collated by 6 employees from Lagos State Internal Revenue Service (LIRS).

What is internal generated revenue?

Internally generated revenues (IGR) are revenues generated by States within the Nigerian federation, independent of their share of revenue from the federation account. … Most of the States had to depend on bail out funds from the Federal Government to settle payroll costs and other recurrent expenditure.

What are the 5 major sources of revenue for the government?

The rest comes from a mix of sources.

  • TOTAL REVENUES. …
  • INDIVIDUAL INCOME TAX. …
  • CORPORATE INCOME TAX. …
  • SOCIAL INSURANCE (PAYROLL) TAXES. …
  • FEDERAL EXCISE TAXES. …
  • OTHER REVENUES. …
  • SHARES OF TOTAL REVENUE. …
  • Updated May 2020.

How much do Nigeria make a year?

Government Revenues in Nigeria averaged 879.47 NGN Billion from 2010 until 2020, reaching an all time high of 1480.87 NGN Billion in the fourth quarter of 2019 and a record low of 498.54 NGN Billion in the second quarter of 2015.

Where does Nigeria get its money from?

Low global oil prices have battered the petroleum-based economy. Agriculture, telecommunications, and services are contributing to modest economic growth, but more than 60 percent of Nigeria’s 170 million people still live in extreme poverty.

IT IS INTERESTING:  Best answer: What does Ethiopia produce?

What is the richest local government in Nigeria?

Obio Akpor local government area is the richest local government in Nigeria. Obio Akpor is one of the major cities in the Niger Delta region located in River State, one of the wealthiest states in the country this 2018.

Which state generates the most revenue?

In the fiscal year of 2019, the state of California collected a total amount of 188.24 billion U.S. dollars in tax revenue, the highest of any state.

State Tax revenue in billion U.S. dollars
California 188.24
New York 91.62
Texas 63.33
Florida 44.8

What is Internal Revenue in Nigeria?

The Federal Inland Revenue Service (FIRS) is the agency responsible for assessing, collecting and accounting for tax and other revenues accruing to the Federal Government of Nigeria.

Which tribe is richest in Nigeria?

The Igbos, Yorubas and the Hausas are the richest tribes in Nigeria.

Which states are the poorest in Nigeria?

In 2019, the Nigerian states of Sokoto and Taraba had the largest percentage of people living below the poverty line.

Poverty headcount rate in Nigeria as of 2019, by state.

Characteristic Share of people in poverty
Ebonyi 79.76%
Adamawa 75.41%
Zamfara 73.98%
Yobe 72.34%

What is the richest city in Nigeria?

Welcome To Nigeria’s Capital City ( Abuja ) | The Richest City In Africa.

Hai Afrika!