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)
All Share Index (ASI) and Market Capitalization declined by 13 percent to close at 23514.04 points and N8.09 trillion respectively at the end of the trade session on January 15. The huge drop in the Index, representing a 3-year low, led to the introduction of the Index Circuit Breakers Rule. While this policy measure may prevent huge losses in the stock market, rising concerns about macroeconomic stability in Nigeria may significantly increase the level of volatility in the stock market. This may have substantial adverse implications for investors in the Stock Exchange.