Edo Records 370% Revenue Growth In 8 Years

Edo State has recorded a 370 per cent growth in Internally Generated Revenue (IGR) in the last eight years, with the state’s revenue projected to close at N85 billion by the end of 2024.

The chairman of the Edo State Taskforce on IGR, Hon. John Osagie Inegbedion, disclosed this during the Q3 2024 EIRS Quarterly Performance Review (QPR) Meeting held at the Sunny Okundia Training School, in Benin City, the Edo State capital.

The revenue growth, according to Inegbedion, is on the back of nuanced reforms in revenue administration by the Governor Godwin Obaseki-led administration which have revolutionized the state’s revenue collection process since the governor assumed office in 2016.

Inegbedion stated that in 2016 when Obaseki took office, IGR collection stood at N23.64bn and with the government’s reforms in revenue administration, the state continued to witness consistent growth in its revenue, surpassing the year-to-date budgeted IGR of N55.64 billion to hit N67.29 billion in the third quarter of 2024.

According to him, with a monthly average of N7 billion, the state is projected to close the 2024 IGR collection year with N85 billion and is expected to hit N120 billion in 2025.

He said, “For emphasis, the QPR meeting is the period to review how we fared in the business of revenue administration in the third quarter, to review our activities as well as re-strategize for the last quarter as far as IGR is concerned.

“Today’s QPR is to x-ray the performance of the current administration ably led by Governor Godwin Obaseki through the EIRS in terms of the internally generated revenue collection in the last seven years plus.”

According to him, “For the records, at the inception of the current administration of His Excellency, Godwin Obaseki, the IGR collection for 2016 stood at N23.64bn; 2017 experienced a slight increase with a record of N27.19bn; 2018 recorded N29.62bn and 2019 had a significant increase of N35.2bn.

“The year effect of COVID-19 however reduced the IGR performance to N28.02bn. However, there was a spike in the collection of 2021 amounting to N38.67bn. For 2022 it was N45.06bn and for 2023 it was N62.08bn.

“Currently, as at September 2024, (Q3), we have recorded N67.29bn as against N55.64bn Year-to-Date IGR budget of 2024.

“With an average of N7bn monthly, we project that the Revenue Service will close the 2024 IGR collection year with N85bn.

“The growth recorded by this administration in the last eight years is N62bn indicating a growth rate of 370%,” Inegbedion added.

The IGR Taskforce chairman further stated, “With the established trend, growth rate, and financial stability experienced in Edo, the 2025 IGR budget projection is expected to be N110bn to N120bn.

“Prior to date, the IGR to FAAC receipt used to be 20% to 25%. But today, IGR to FAAC is 50%. The economic policies and investment drive of His Excellency Godwin Obaseki have significantly impacted on the economic growth and prosperity of Edo State as evidenced by this remarkable growth in IGR.”

He added, “The deployment of technology in EIRS has tremendously improved the revenue collections, assessment, transparency and accountability of the Service.

“As it stands today, the State’s monthly IGR can cater for its monthly recurrent expenditure without any financial worries.

“As at 2023, the sub-national IGR Performance and Ranking in the Federation ranked Edo State as 5th in the country just below Lagos, Rivers, Ogun, and Delta States. This is a remarkable feat and the administration deserves commendation.”

Commending Governor Obaseki for the revenue growth recorded in the last eight years, Inegbedion said, “In all of these, kudos must be given to the man that made all these happen- Governor Godwin Obaseki, who ensured that Edo becomes a fiscal stable state not minding the challenging financial economic environment.”