News

Edo generates N67.29bn IGR in 9 months

Published

2 years ago

October 21, 2024

The Edo Internal Revenue Service (EIRS), on Monday revealed that the state generated N67.29 billion Internally Generated Revenue (IGR) in 9 months between January and September 2024.

EIRS Head of Corporate Communications, Courage Egboigbe, in a statement in Benin City on Monday, indicated that John Inegbedion, Chairman, Taskforce on IGR, EIRS, presented the statistics during the service’s third Quarterly Performance Review Meeting in Benin.

Inegbedion said that the N67.29 billion recorded exceeded the N55.64 billion Year-to-Date IGR budget of 2024.

According to him, with an average of N7 billion monthly, we project that the Revenue Service will close the 2024 internal revenue collection year with N85 billion.

He explained that at the inception of the Gov. Godwin Obaseki administration, almost eight years ago, the IGR collection stood at N23.64 billion.

“The growth recorded by this administration in the last eight years is N62 billion indicating a growth rate of 370 per cent.

”That is if we subtract N23 billion at the inception of the administration from the N85 billion projected at the end of the administration.

“With the established trend, growth rate and financial stability experienced in Edo, the 2025 IGR budget projection is expected to be between N110 billion and N120 billion.

“This will usher Edo into the N100 billion IGR group of states,” he said.

He added that Edo’s IGR as a percentage of the Federal Account Allocation Committee (FAAC) receipt had increased from between 20 to 25 per cent to 50 per cent.

”The economic policies and investment drive of the governor has significantly impacted on the economic growth and prosperity of the state as evidence by this remarkable growth in IGR,” he said.

He also said that the deployment of technology in revenue collection had tremendously improved the revenue collections, assessment, transparency and accountability of the Service.

NAN