South West Leads as States Generate ₦3.63 Trillion Revenue in 2024

Nigeria’s 36 states generated a combined ₦3.63 trillion in internally generated revenue (IGR) in 2024, according to new data on fiscal performance across the six geopolitical zones.

The South West region emerged as the top performer, contributing a staggering ₦1.64 trillion, representing nearly half of the total revenue generated nationwide.

Lagos, Ogun, and Oyo States were major drivers of this performance, buoyed by strong economic activity, urbanisation, and improved tax administration.

Trailing behind was the South South zone with ₦753.04 billion, boosted largely by oil-producing states such as Rivers, Delta, and Akwa Ibom, which continue to leverage natural resource revenues and federal allocations to expand their fiscal capacity.

In the North Central, states collectively generated ₦497.33 billion, driven by the growing economic hubs of Abuja, Kwara, and Niger.

The North West and South East regions followed closely with ₦308.23 billion and ₦301.65 billion respectively, while the North East — burdened by insecurity and low industrial activity recorded the lowest IGR at ₦129.80 billion.

Analysts say the figures highlight the persistent regional disparities in Nigeria’s economic structure, with the South West maintaining dominance due to its diversified economy and higher investment inflows.

They also urged northern states to expand their tax bases, invest in agriculture and small-scale industries, and improve revenue collection systems to reduce overreliance on federal allocations.

Economic experts further noted that overall growth in IGR reflects modest progress in fiscal reforms across states, though sustainability will depend on improved governance, transparency, and citizen engagement in tax matters.