Edo State Internally Generated Revenue grew by over 40 per cent to N62bn in 2023 from N45bn in the prior year.
According to a release on Tuesday, the Chairman of the Edo Taskforce on Internally Generated Revenue, Osagie Inegbedion, disclosed this at a press briefing, after the 2024 EIRS Management Performance Review, in Benin City, the Edo State capital.
He stated that the growth in the state IGR was driven by collections from the formal sector.
Describing the growth as unprecedented in the history of the state, the EIR boss linked the feat to the business and economic reforms of the Governor Godwin Obaseki-led administration, which he said had continued to attract investments into the state.
“In 2022, 12 states did N17b total IGR collection. Thus, Governor Obaseki’s economic reforms and investment drive has propelled Edo economy to grow by the value of what 12 states struggled to collect.
“The total IGR generated in Edo State for the year 2023 by EIRS, ministries departments and agencies stood at N62,079,123,288.37. When compared with the 2022 total revenue collection of N45,062,587,439.92k, indicates a growth of N17,016,535,848:46k, which was not associated with the informal sector but from the formal sector which occurred 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 noted 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 N4.8bn with a resulting increase of N1.8b 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 enunciated.
Edo Stated had budgeted N325.3bn for the 2024 financial year, and hoping to rake in N72bn as IGR this year.