Edo’s Internally Generated Revenue Projected To Touch N70 Billion By 2024

Edo Gov. Godwin Obaseki says the state's internally generated revenue (IGR) will exceed N70 billion by next year.

The state's IGR has been consistently increasing since 2016, Obaseki noted, adding the administration is making a conscious effort to boost the local economy.

"For the past seven years, we have focused on the economy, setting modalities on the ground to create an economic revolution in Edo State," he said, Punch reported. "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 would be made an enabler to stimulate and ignite business opportunities in Edo State. Since 2016, our monthly IGR collection has consistently increased as a result of the conscious investments made in boosting our local economy," he added.

The governor said the state's partnerships and agreements with various entities have helped it to achieve the path of financial sustainability. He claimed the government is now working more efficiently and the results of the hard work are visible as revenue increases.

Between 2016 and 2023, the state government has achieved a lot in terms of IGR and next year, the state is anticipating an IGR in excess of N70 billion, he added.

The projection was made based on projects like the Gelegele Seaport and Enterprise Park.

"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," he said.

As far as the long-term future of the state is concerned, Obaseki said there will be organized infrastructure to support production in the private sector.

"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," he added. "We are hoping that the future is one where the government will work very closely with the private sector to drive the growth of Edo State's economy."