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)
Crude oil price decreased in the review week. OPEC weekly basket price reduced by 3.5 percent to $42.06per barrel from November 4, 2016 to November 11, 2016, while Nigerias bonny light price decreased by 1.1 percent to $44.36per barrel in the same period. Global oil market refocused on oversupply, as indicated in the OPECs October crude data figures (global OPEC and Non-OPEC oil supply grew by 0.97mb/day to average 96.32mb/day and outpaced demand by 1.92mb/day).