Edo IGR Soars by 40%, Adds N17bn to Coffers

Edo State’s economy is on the rise as the Internally Generated Revenue (IGR) has experienced an impressive growth of over 40% in 2023, contributing an additional N17bn to the state’s coffers.

The Chairman of the Edo Taskforce on Internally Generated Revenue, Hon. John Osagie Inegbedion, announced this significant achievement during a press briefing after the 2024 EIRS Management Performance Review.

Inegbedion attributed the remarkable growth to the business and economic reforms implemented by Governor Godwin Obaseki and his administration.

These reforms have successfully attracted investments to the state, propelling the economy forward. The N17bn increase in IGR for 2023 alone surpasses the combined revenue generation of 12 states in 2022, highlighting the unprecedented success of Edo State.

He said, “The total IGR generated in Edo State for the year 2023 by EIRS, Ministries Departments and Agencies stood at N62,079,123,288.37k.  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 percent (40%) over the preceding year”.

The EIRS boss further revealed that the formal sector was the driving force behind the strong IGR growth, accounting for a total of N62 billion in 2023. Pay-As-You-Earn (PAYE) tax contributed significantly to this increase, with a total of N26.9 billion collected, representing a N9.44 billion increase from the previous year.

Withholding Tax collection also saw a substantial increase of N1.8 billion, reaching N4.8 billion in 2023. Other revenues and Ministries Departments and Agencies (MDAs) also contributed to the growth, while the informal sector experienced a slight decline of N312 million.

Despite the decline in the informal sector’s contribution, Inegbedion emphasized that the EIRS had provided some relief to self-employed individuals in the sector due to the economic challenges they face, demonstrating the government’s understanding of their circumstances.

Applauding the Governor Obaseki’s strategic economic policies, Inegbedion said:

“We applaud the governor for his investment and economic reforms, which are paying off as new investments are now making their withheld taxes (WHT) and PAYE.

“We are implementing the required upgrades in tax administration as a Service. We have used ERAS technology to enable smooth electronic services, inquiries, tax assessments, and payments for taxpayers.”