Lagos, Nigeria’s startup capital, made ₦1.26 trillion ($857.57 million) in internally generated revenue in 2024, a 54.63% increase from the ₦815.87 billion ($554.59 million) it made in 2023.
This is more than the ₦1.24 trillion ($841.97 million) combined IGR of 31 other states in 2024. The states include Edo, Akwa Ibom, Kwara, Kano, Kaduna, Bayelsa, Jigawa, Oyo, Osun, Cross River, Ondo, Katsina, Abia, Anambra, Ekiti, Niger, Plateau, Kogi, Zamfara, Nassarawa, Bauchi, Imo, Borno, Benue, Adamawa, Sokoto, Gombe, Taraba, Kebbi, Ebonyi, and Yobe.
Lagos is Nigeria’s richest state, with a labour force population of 6.43 million in 2023, dominated by those between the ages of 15 and 34 (2.7 million), making Pay As You Earn (PAYE) its most valuable income stream. PAYE is the tax deducted directly from salaries, and it contributed ₦705.41 billion ($479.52 million) to Lagos’s revenue in 024, 58.62% more than the ₦444.73 billion ($302.32 million) earned in 2023.
By contrast, the 31 states mentioned above made ₦497.95 billion ($338.49 million) combined from PAYE.
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