What is Lagos State major source of 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.

What is the major source of government revenue in Nigeria?

The individual income tax has been the largest single source of federal revenue since 1950, amounting to about 50 percent of the total and 8.1 percent of GDP in 2019 (figure 3).

Which tax is the main source of government revenue?

Individual income taxes
Individual income taxes are the largest single source of federal revenues, constituting one-half of such receipts. As a percentage of GDP, individual income taxes have ranged from 6 to 10 percent over the past 50 years, averaging 8 percent of GDP.

How much revenue does Lagos State generate?

”Lagos State has the highest Internally Generated Revenue with N418. 99bn recorded, closely followed by Rivers with N117. 19bn while Yobe State recorded the least Internally Generated revenue,” the NBS report indicated.

Which state in Nigeria generate the highest revenue?

Lagos state
Lagos state has the highest Internally Generated Revenue with N267. 23bn in H1 2021, followed by the Federal Capital Territory with N69.

Which state in Nigeria has highest revenue?

Lagos, Abuja, and Ogun State led the list of states in Nigeria with the highest internally generated revenue per population in the first half of 2021.

What are the sources of tax revenue?

Source of Tax Revenue Tax revenue can be classified into a few major categories — corporation tax, tax on income, Customs, Union excise duties, service tax, and several others. Corporation tax is the biggest source of revenue for the government.

Which state in Nigeria generate highest revenue?

Lagos State
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

Which state receives the highest allocation in Nigeria 2021?

5 trillion (excluding the FCT’s allocation in 2016) was shared among the states as federal allocation, according to the NBS, with the oil-rich Akwa Ibom, Delta, Rivers, Bayelsa and Nigeria’s economic hub Lagos the highest beneficiaries.

Which state has more industries in Nigeria?

Lagos State. Lagos stands out as the most economically and industrialized state in Nigeria with virtually all top companies having their headquarters there. You can find various industries in Lagos which contributed greatly to her internal generated revenue (IGR).

Who is richest man in Nigeria?

Key Takeaways

  • Aliko Dangote has been the richest man in Africa for ten years in a row, with a net worth of over $12 billion.
  • Dangote’s fortune is primarily built from his company, Dangote Cement, although he started his business empire by selling commodities such as sugar, salt, and flour.