EDO State has recorded a 370 percent 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 Task Force on IGR, Honourable 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 has revolutionised 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 N85bn 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.
“Currently, as of September 2024, (Q3), we have recorded N67.29 billion as against N55.64bn Year-to-Date IGR budget of 2024.
“With an average of N7 billion 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 percent,” Inegbedion added.
“As it stands today, the State’s monthly IGR can cater for its monthly recurrent expenditure without any financial worries.
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