Edo records 370 percent revenue growth in 8 years, to close at N85bn by year-end

Edo State has achieved an impressive 370% increase in Internally Generated Revenue (IGR) over the past eight years, positioning itself as a leader in financial growth and sustainability in Nigeria.

With projections pointing to N85 billion in IGR by the end of 2024, and an ambitious N120 billion target for 2025, the state is reaping the benefits of strategic reforms led by Governor Godwin Obaseki’s administration.

John Osagie Inegbedion, the Chairman of Edo State’s IGR Taskforce, highlighted these achievements during the Q3 2024 Edo State Internal Revenue Service (EIRS) Quarterly Performance Review (QPR) Meeting.

Held at the Sunny Okundia Training School in Benin City, Inegbedion emphasised the impact of reforms in revenue administration, which have reshaped Edo’s fiscal landscape since 2016.

In 2016, when Obaseki took office, Edo’s IGR stood at a modest N23.64 billion. Through a series of targeted initiatives aimed at optimizing tax collection, transparency, and accountability, the State’s revenue has grown exponentially.

By September 2024, IGR had reached N67.29 billion, surpassing the year-to-date budgeted target of N55.64 billion.
Inegbedion projects that with a steady monthly average of N7 billion, Edo is on track to close 2024 at N85 billion.

Notably, the state’s IGR has evolved from being a mere 20-25% of its revenue compared to Federal Allocation (FAAC), to now contributing 50%, reflecting the strength of its local economy.

“The economic policies and investment drive of His Excellency Godwin Obaseki have significantly impacted the economic growth and prosperity of Edo State,” Inegbedion remarked.

The integration of technology has played a critical role in this transformation. With enhanced systems for assessment, transparency, and collection, the EIRS has streamlined operations, boosting efficiency and reducing leakages.

As of 2023, Edo ranked 5th nationwide in IGR performance, following Lagos, Rivers, Ogun, and Delta States—a remarkable achievement for the state.

Inegbedion praised Governor Obaseki’s leadership, attributing much of the growth to his foresight and commitment to financial reforms.

“In all of these, kudos must be given to the man that made all these happen—Governor Godwin Obaseki. He ensured that Edo became a fiscally stable state despite the challenging economic environment,” Inegbedion said.

As Edo State looks ahead to 2025, with its sights set on crossing the N100 billion mark in IGR, the future appears bright. With the State’s IGR now capable of covering monthly recurrent expenditures independently, Edo is positioned for sustained growth and prosperity.