A recently released NBS report indicated a 20.92% rise in Internally Generated Revenue (IGR) in 2019. The year on year rise saw total IGR hit ₦1.33 trillion. The rise was largely driven by revenue generated from income tax which accounted for 60.7% of IGR. Lagos state as the highest contributor with ₦398.73 billion accounted for 29.88% of total revenue generated2. On the other hand, Taraba state was the lowest contributor with ₦53.04 billion. The improvement in tax compliance stands to make provision for state-level fiscal sustainability as well as a continued increase in total IGR. State governments can leverage on the fall in demand for oil to identify innovations and muster the political will required to expand their IGR base.
June 5, 2020
Nigeria Economic Update (Issue 21)
Related
Nigeria Economic Update (Issue 15)
Nigerian
Naira depreciated by 1.2 percent at the parallel foreign exchange market
between April 7, 2017 and April 14, 2017. The naira exchanged at N410/$ as
against N405/$ the previous week. Despite the CBNs weekly dollar
sales to BDCs ($20,000 to each BDC in the review week) and spot market sales of
$100 million to SMEs, the nairas depreciated in the week. This may
likely be attributable to speculative motives (on the basis that speculators
likely anticipate that the CBN forex interventions may not be sustainable).