Godwin Obaseki, Edo state Governor announced the increase of the state’s Internally Generated Revenue in 2024, to over ₦70 billion.
During an interview between the governor and pressmen, he noted that the IGR has consistently increased since 2016 due to the creditable investments made by the administration in skyrocketing the local economy.
He further stated that the IGR growth would be an advantage among other sectors of the state’s economy in technology, culture, agriculture, and comparative advantage.
Governor Obaseki’s words: ‘For the past seven years, we have focused on the economy, setting modalities on ground to create an economic revolution in Edo State.
‘Our focus was to attract private investors to Edo to focus on areas where we have a competitive and comparative advantage. We said the government will be made an enabler to stimulate and ignite business opportunities in Edo State.
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‘Since 2016, our monthly IGR collection has consistently increased as a result of the conscious investments made in boosting our local economy. Our partnerships and popular MoUs have set Edo on the path of financial sustainability.
‘Government is now working more efficiently and we are seeing the results of the hard work in terms of revenue increases. Between 2016 and 2023, we have achieved a lot in terms of IGR for the state, and next year, we anticipate that we will get IGR N70 billion.
‘Projects like the Gelegele Seaport and Enterprise Park, among others will further impact the Internally Generated Revenue of the state in years to come.
‘We have done a lot with cassava and ethanol as well as oil palm in the agricultural sector. We have worked hard with partners to open up the retail space in Edo State and hopefully, before the end of the year, we will be launching about 60 shops in the Benin Mall with different facilities.
‘The future we see is a state with organized infrastructure to support the private sector production. We have done a lot with the Benin Enterprise Park as we are working on the one in Benin and have acquired land to build those in Edo Central and Edo North.