Edo Govt Records Exponential Revenue Growth, Projected To Hit N85bn By Year End

Edo State government has achieved an impressive 370 per cent growth in Internally Generated Revenue (IGR) over the past eight years, with revenues expected to reach N85 billion by the end of 2024.

Hon. John Osagie Inegbedion, Chairman of the Edo State Taskforce on IGR, revealed this during the Q3 2024 EIRS Quarterly Performance Review (QPR) Meeting in Benin City on Tuesday.

According to Inegbedion, the state’s revenue growth can be attributed to Governor Godwin Obaseki’s administration, which has revolutionized the revenue collection process since 2016.

In 2016, IGR collection stood at N23.64 billion, increasing to N67.29 billion in the third quarter of 2024, surpassing the year-to-date budgeted IGR of N55.64 billion [1).

“The growth recorded by this administration in the last eight years is N62 billion, indicating a growth rate of 370%,” Inegbedion stated.

He also noted that with a monthly average of N7 billion, the state is projected to close the 2024 IGR collection year with N85 billion and is expected to hit N120 billion in 2025.

Inegbedion praised Governor Obaseki’s economic policies and investment drive, which have significantly impacted the state’s economic growth and prosperity.

“The deployment of technology in EIRS has tremendously improved revenue collections, assessment, transparency, and accountability of the Service,” he added.

Edo State’s IGR growth is also reflected in its national ranking. As of 2023, the state ranked fifth in the country, just below Lagos, Rivers, Ogun, and Delta States.
Inegbedion commended Governor Obaseki, saying, “In all of these, kudos must be given to the man that made all these happen- Governor Godwin Obaseki, who ensured that Edo becomes a fiscal stable State not minding the challenging financial economic environment.”