Edo State Government says it recorded N62 billion Internally Generated Revenue, IGR, in 2023 fiscal year.
OsunDailyNG reports that the Chairman, Edo Taskforce on Internally Generated Revenue, John Osagie Inegbedion, disclosed this on Tuesday at a press briefing after the 2024 Edo Internal Revenue Service (EIRS) Management Performance Review, MPR, in Benin City.
Inegbedion said the N62 billion for 2023 was N17 billion higher than the sum of N45 billion generated in 2022.
He said the N17 billion growth by Edo State IGR in 2023 accounts for the combined revenue generation performance of 12 states in 2022.
According to him, in 2022, 12 states generated N17 billion. Thus, Governor Obaseki’s economic reforms and investment drive has propelled Edo economy to grow by the value of what 12 states struggled to collect.
“The total IGR generated in Edo State for the year 2023 by EIRS, Ministries Departments and Agencies stood at N62,079,123,288.37 billion when compared with the 2022 total revenue collection of N45,062,587,439.92 billion, indicates a growth of N17,016,535,848:46 billion.
“This is the first time in the history of revenue administration in the state that revenue will be grown by forty percent (40%) over the preceding year,” he said.
He opined that the achievements were not associated with the informal sector but with the formal sector, which occurred within a year.
Igbinedion gave the breakdown of the revenue generations as N26.9 billion from Pay-As-You-Earn (PAYE) tax, which indicates N9.44 billion increase over the previous year from the formal sector.
Also, N4.8 billion from Withholding Tax with a resulting increase of N1.8 billion over 2022, other revenue grew by N1.46 billion while Ministries Departments and Agency (MDAs) had a growth of N1.8 billion with a collection of N8.3 billion.
The Chairman, Edo Taskforce on Internally Generated Revenue, also added that the sum of N1.9 billion with a reduction of N312 million was generated from the Micro, Small and Medium Scale Enterprise (MSMEs) sector when compared to N2.2 billion collection in 2022.
He listed businesses in the MSMEs sector to include traders, artisans and self-employed.
He described the growth in 2023 internally generated revenue as unprecedented in the history of the state, linking the feat to the business and economic reforms of the Governor Godwin Obaseki-led administration, which have continued to attract investments into the state.
