The Edo State Government on Tuesday said it generated over N316.59 billion from Internally Generated Revenue from 2016 to September 2024.
The Chairman of the Edo State Taskforce on IGR, John Osagie Inegbedion, disclosed this during the Q3 2024 EIRS Quarterly Performance Review (QPR) meeting held in Benin City.
Inegbedion said the amount represented 370 percent growth of revenue generated in the past eight years.
He added that the Smstate’s revenue is projected to close at N85 billion by the end of 2024.
He, however, added that the N67.29 billion generated in 2024 was higher than the projected amount of N55.64 billion for the third quarter in the year.
The IGR taskforce chairman attributed the increase in monthly revenue generation to the government’s reforms in revenue administration.
Inegbedion posited 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.
According to him, in 2016 when Governor Godwin Obaseki took office, IGR collection stood at N23.64 billion and with the government’s reforms in revenue administration, the state continued to witness consistent growth in its revenue.
“In 2017, the state 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 however 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 at September 2024, (Q3), we have recorded N67.29bn as against N55.64bn Year-to-Date IGR budget of 2024.
“The growth recorded by this administration in the last eight years is N62bn indicating a growth rate of 370%,” he said.
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