Edo records 370% revenue growth in eight years- Govt

Edo State has recorded a 370 per cent growth in Internally Generated Revenue 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 Taskforce on IGR, John Inegbedion, disclosed this during the Q3 2024 EIRS Quarterly Performance Review meeting held at the Sunny Okundia Training School, in Benin City, the Edo State capital on Tuesday.

According to Inegbedion, the revenue growth is driven by the strategic reforms in revenue administration introduced by Governor Godwin Obaseki’s administration. These reforms have transformed the state’s revenue collection process since he took office in 2016.

Inegbedion stated that in 2016 when Obaseki took office, IGR collection stood at N23.64bn, adding that 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.

He added that 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 N120bn 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-strategise for the last quarter as far as IGR is concerned. Today’s QPR is to x-ray the performance of the current administration ably led by Governor Godwin Obaseki through the EIRS in terms of the internally generated revenue collection in the last seven years.

“For the records, at the inception of the current administration of His Excellency, Godwin Obaseki, the IGR collection for 2016 stood at N23.64bn; 2017 experienced a slight increase with a record of N27.19bn; 2018 recorded N29.62bn and 2019 had a significant increase of N35.2bn. The year effect of COVID-19 reduced the IGR performance to N28.02bn. However, there was a spike in the collection of 2021 amounting to N38.67bn. For 2022 it was N45.06bn and for 2023 it was N62.08bn.

“Currently, as of September 2024, (Q3), we have recorded N67.29bn as against N55.64bn Year-to-Date IGR budget of 2024. With an average of N7bn 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 per cent.”

He added that with the established trend, “growth rate, and financial stability experienced in Edo, the 2025 IGR budget projection is expected to be N110bn to N120bn. This will usher Edo State into N100’s billion group of states IGR.

“Prior to the date, the IGR to FAAC receipt used to be 20 per cent to 25 per cent. But today, IGR to FAAC is 50 per cent. The economic policies and investment drive of Governor Obaseki have significantly impacted the economic growth and prosperity of Edo State as evidenced by this remarkable growth in IGR.

“The deployment of technology in EIRS has tremendously improved the revenue collections, assessment, transparency and accountability of the Service. As it stands today, the state’s monthly IGR can cater for its monthly recurrent expenditure without any financial worries.

“As of 2023, the sub-national IGR Performance and Ranking in the Federation ranked Edo State as 5th in the country just below Lagos, Rivers, Ogun, and Delta States. This is a remarkable feat and the administration deserves commendation.”