The Edo State Internal Revenue Service (EIRS) has announced a significant increase in its Internally Generated Revenue (IGR), rising from N36.1 billion in the first half of 2024 to N52.6 billion in the corresponding period of 2025.
The Executive Chairman of EIRS, Oladele Bankole-Balogun, revealed these figures at a press briefing in Benin City on Thursday, highlighting the agency’s performance over the past six months under his leadership.
The N52.6 billion generated in the first half of 2025 represents an 89.5 percent performance rate, a marked improvement compared to the 36 percent recorded during the same period in 2024.
Breaking down the monthly revenue figures, Bankole-Balogun stated that the state generated N10.4 billion in January, N9.6 billion in February, N6.9 billion in both March and April, N7.8 billion in May, and N11 billion in June.
“These figures collected in 2025 gave us N52.6 billion in total, as against a budgeted half-year figure of N58.8 billion. ” This performance represents 89.5 percent achievement year-to-date and also marks a 46 percent increase compared to the N36.1 billion total achieved in mid-2024.” Bankole-Balogun said.
He attributed this “historic” achievement to the strong synergy between staff and management and the support of Governor Monday Okpebholo.
Furthermore, Bankole-Balogun announced the implementation of PAYE tax exemptions for individuals earning N800,000 or less annually, in line with Federal Government tax reforms.
He also noted reduced PAYE for monthly earners below N1.7 million and a 25 percent personal income tax for those earning above N50 million annually. The VAT rate remains at 7.5 percent.
The EIRS plans to enhance public enlightenment efforts to ensure taxpayers are well-informed about the new tax structure and compliance expectations. Bankole-Balogun emphasized the service’s commitment to transparency, value-added services, and building a robust, sustainable tax system.
He expressed gratitude to individuals, companies, and government MDAs for their compliance, which he said played a major role in the EIRS’s 2025 success.
“Your taxes remain the foundation for the massive infrastructural and developmental projects currently underway across our dear state,” he added.