Edo State’s Internally Generated Revenue increased by more over 40% to N62 billion in 2023, from N45 billion the previous year.
According to The PUNCH, the Chairman of the Edo Taskforce on Internally Generated Revenue, Osagie Inegbedion, announced this at a press briefing held in Benin City, the capital of Edo State, following the 2024 EIRS Management Performance Review.
He stated that formal sector collections were the driving force behind the state’s IGR rise.
Describing the growth as unmatched in the history of the state, the EIR head ascribed the feat to the business and economic reforms of Governor Godwin Obaseki’s administration, which he said had continued to draw investors into the state.
“In 2022, 12 states collected N17 billion in total IGR. Thus, Governor Obaseki’s economic reforms and investment drive have propelled the Edo economy to expand at the rate of what 12 states battled to collect.
“The total IGR generated by Edo State’s EIRS, ministries, departments, and agencies in 2023 was N62,079,123,288.37. When compared to the 2022 total income collection of N45,062,587,439.92k, there was a growth of N17,016,535,848:46k in the formal sector within a year.
“This is the first time in the history of revenue administration in the State that revenue will be grown by forty per cent (40 per cent) over the preceding year.”
Inegbedion reported that the Pay-As-You-Earn tax contributed a total of N26.9bn, which indicated N9.44bn over the previous year from the formal sector.
“Withholding Tax collection for the year 2023 was N4.8 billion, an increase of N1.8 billion over the previous year.
“Other revenues grew by N1.46bn while ministries departments and agency had a growth of N1.8bn with a collection of N8.3bn,” he went on to say.
Edo State had budgeted N325.3 billion for the 2024 fiscal year and hoped to generate N72 billion in IGR this year.