Edo State's Internally Generated Revenue (IGR) reached N62 billion in the year 2023
The Edo State Government announced that it achieved an Internally Generated Revenue (IGR) of N62 billion in the fiscal year 2023. John Osagie Inegbedion, Chairman of the Edo Taskforce on Internally Generated Revenue, revealed this information during a press briefing on Tuesday after the 2024 Edo Internal Revenue Service (EIRS) Management Performance Review in Benin City.
Inegbedion highlighted that the N62 billion recorded for 2023 marked a significant increase of N17 billion compared to the N45 billion generated in 2022.
He stated that the N17 billion increase in Edo State's IGR in 2023 exceeds the combined revenue generation performance of 12 states in 2022.
He explained that in 2022, the total IGR generated by 12 states was N17 billion. Consequently, Governor Obaseki's economic reforms and investment initiatives have propelled Edo's economy to achieve growth equivalent to the total collection efforts of those 12 states.
"The overall IGR generated in Edo State for the year 2023 by EIRS, Ministries, Departments, and Agencies amounted to N62,079,123,288.37 billion. In comparison to the 2022 total revenue collection of N45,062,587,439.92 billion, this indicates a growth of N17,016,535,848:46 billion.
"This marks the first time in the state's history of revenue administration that revenue has grown by forty percent (40%) over the preceding year," he remarked.
He expressed the view that the accomplishments were linked to the formal sector rather than the informal sector, all achieved within a year.
Igbinedion provided a detailed breakdown of the revenue generation, with N26.9 billion originating from Pay-As-You-Earn (PAYE) tax, indicating a noteworthy increase of N9.44 billion from the formal sector compared to the previous year.
Additionally, N4.8 billion was generated from Withholding Tax, reflecting a notable increase of N1.8 billion over the figures from 2022. Other revenue sources experienced a growth of N1.46 billion, while Ministries, Departments, and Agencies (MDAs) demonstrated a growth of N1.8 billion, culminating in a total collection of N8.3 billion.
The Chairman of the Edo Taskforce on Internally Generated Revenue also mentioned that a total of N1.9 billion, reflecting a reduction of N312 million, was generated from the Micro, Small, and Medium Scale Enterprise (MSMEs) sector, as opposed to the N2.2 billion collected in 2022.
He identified entities in the MSMEs sector, such as traders, artisans, and self-employed individuals.
Characterizing the growth in internally generated revenue in 2023 as unprecedented in the state's history, he attributed this achievement to the business and economic reforms undertaken by the Governor Godwin Obaseki-led administration, which have consistently attracted investments into the state.
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