September 28, 2023

Nigeria Economic Update (Issue 36)

According to the rail transport data released by the National Bureau of Statistics (NBS) in Q2 2023, the volume of goods/cargos transported for Q2 2023 reached 56,029 tons, compared to 31,197 tons in Q2 2022, showcasing a substantial growth trend. Similarly, goods/cargo revenue collected in Q2 2023 was N188.03 million, up by 105.04% from N91.70 million in Q2 2022. 

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Nigeria Economic Update (Issue 19)

Internally generated revenue by 35 states for the 2016 fiscal year increased by 17.5 percent to N802 billion from N683 billion generated in the preceding year. A breakdown of the IGR shows that the increase was driven by PAYE, Direct assessment, Road taxes, Revenue from MDAs and other taxes. The highest and lowest revenue generating states were Lagos (38%) and Ebonyi (0.1%) respectively. An improvement in the efficiency of the tax system could improve the contributions of the IGR to overall government revenue. Particularly, incorporating workers in small stores, agricultural and informal businesses into the tax system; building capacity of tax officials and computerizing their operations; as well as investing in quality data collection and access could provide some quick wins.