Business

Lagos, Rivers Lead As States Rake In N1.93tn – NBS

Published

2 years ago

October 24, 2023

Lagos, Rivers, and the FCT led as the total Internally Generated Revenue of states in the country marginally rose to N1.93tn in 2022.

Data from the National Bureau of Statistics on Monday, revealed that the states could only raise their IGR by 1.57 per cent from the N1.89tn they recorded in 2021.

The IGRs by the states showed Lagos (N651.15bn), Rivers (N172.82bn), FCT (N124.37bn), Ogun (N120.58bn), and Delta (N85.90bn) were the top five states in terms of revenue generated.

Kebbi (N9.15bn), Taraba (N10.24bn), Yobe (N10.46bn), Ebonyi (N12.43bn), and Katsina (N13.06bn), were the bottom states.

The NBS disclosed that 2022 IGR figures for the states had two major revenue sources namely, taxes and Ministries, Departments and Agencies’ revenue.

It noted that the taxes sub-category recorded in the period included Pay As Your Earn, direct assessment, road taxes, stamp duties, capital gain tax, withholding taxes, other taxes and LGAs revenue.

It said, “PAYE was the most contributing revenue source during the year, recorded 67.62 per cent share to the total tax generated revenues nationwide. While capital gains tax was the least in the year under review with 0.24 per cent share to total tax revenue.

“Oyo, Lagos, and Jigawa states were the three leading states with the highest LGA revenue reported during the year. The states recorded N11.83bn, N11.51bn, and N8.70bn respectively.”

Total PAYE collected in 2022 was N994.41bn, direct assessment tax amounted to N52.35bn, road taxes was N24.57bn, stamp duties was N27.13bn, capital gain tax was N3.52bn, withholding tax was N139.91bn, other taxes amounted to N179.95bn, LGA revenue amounted to N48.71bn, and the states made N455.07bn from their MDAs.

Despite the growth in IGR, states relied heavily, as in other years, on allocations from the Federal Government in 2022. Total FAAC allocation to states, excluding the FCT, was N3.16tn, 63.73 per cent more than the total states’ IGR for the year. In 2022, states domestically borrowed N870bn to augment their expenses.

In 2022, only 11 states including the FCT attracted foreign investors with the others losing out on investment opportunities.

Business

Naira Continues Gain Against US Dollar As Nigeria’s Foreign Reserves Climb To $45.57bn

Published

12 hours ago

January 6, 2026

Editor

The Naira appreciated further against the United States Dollar at the official foreign exchange market, beginning the week on a good note.

Central Bank of Nigeria data showed that the Naira strengthened on Monday to N1,429.31 per dollar, up from N1,430.85 exchanged on Friday, 2 January 2026.

This means that the Naira gained N1.56 against the dollar on Monday when compared to N1,430.85 last week Friday.

At the black market, the Naira dropped by N5 to N1480 per dollar on Monday, down from N1475 traded Friday.

The development comes as the country’s external reserves rose to $45.57 billion as of Friday last week.

Business

NNPCL Reduces Fuel Price Again

Published

1 day ago

January 5, 2026

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has again reduced its premium motor spirit price.

In Abuja, on Monday morning, it was gathered that NNPCL retail outlets have reduced their fuel price to N815 per liter, down from N835.

This means that the NNPCL filling stations cut their price by N20.

The fresh price has been implemented at NNPCL filling stations in Wuse Zone 6 and 4 Abuja, Keffi-Abuja Road, and Kubwa Expressway.

An NNPCL filling station attendant, who preferred anonymity, told DAILY POST that the new price was implemented on Sunday evening.

However, the N815 per liter is N79 higher than the N739 per liter sold at Dangote Refinery’s backed MRS filling stations nationwide.

DAILY POST recalls that NNPCL on December 19, 2025, cut its price of petrol by N80 to N835 amid a price war among players in the country’s oil downstream sector triggered by Dangote Refinery’s gantry price reduction to N699 per liter.

Business

NNPCL Announces Restoration Of Escravos-Lagos Pipeline

Published

1 week ago

December 30, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has announced the complete restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State, following the recent explosion on the asset.

The chief corporate communications officer (CCCO) of the nation’s oil company, Andy Odeh, in a statement, said that the pipeline is fully operational, reiterating the company’s resilience and commitment to energy security.

“NNPC Limited is pleased to announce the successful restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State.

“Following the unexpected explosion on December 10, 2025, we immediately activated our emergency response, deployed coordinated containment measures, and worked tirelessly with multidisciplinary teams to ensure the damaged section was repaired, pressure-tested, and safely recommissioned.

“Today, the pipeline is fully operational, reaffirming our resilience and commitment to energy security. This achievement was made possible through the unwavering support of our host communities, the guidance of regulators, the vigilance of security agencies, and the dedication of our partners and staff.

“Together, we turned a challenging moment into a success story, restoring operations in record time while upholding the highest standards of safety and environmental stewardship.

“As we move forward, NNPC Limited remains steadfast in its pledge to protect our environment, safeguard our communities, and maintain the integrity and reliability of our assets. Thank you for your trust as we continue to power progress for Nigeria and beyond,” the statement read.