The Edo State Internal Revenue Service (EIRS) on Thursday announced that the state’s Internally Generated Revenue (IGR) rose from N36.1 billion in the first half of 2024 to N52.6 billion in the corresponding period of 2025.

The Executive Chairman of EIRS, Oladele Bankole-Balogun, made this known at a press briefing in Benin, while reviewing the agency’s performance over the past six months under his leadership.

He noted that the N52.6 billion generated in the first half of 2025 represented an 89.5 per cent performance rate, compared to 36 per cent recorded in the same period of 2024.

Providing a breakdown of the monthly revenue figures, Bankole-Balogun said the state generated N10.4 billion in January, N9.6 billion in February, N6.9 billion in both March and April, N7.8 billion in May, and N11 billion in June.

“These figures collected in 2025 gave us N52.6 billion in total, as against a budgeted half-year figure of N58.8bn,” Bankole-Balogun said.

“This performance represents 89.5 per cent achievement year-to-date.

“It also marks a 46 per cent increase compared to the N36.1bn total achieved in mid-2024.”

“This achievement is historic. It reflects strong synergy between staff, management, and, most importantly, the unwavering support Gov. Monday Okpebholo,” he added.

He also announced that, in line with the Federal Government’s tax reforms, the EIRS would implement PAYE tax exemptions for those earning N800,000 or less annually.

“There will be reduced PAYE for monthly earners below N1.7m, 25 per cent personal income tax for those above N50m annually, and VAT remains at 7.5 per cent,” he said.

Bankole-Balogun added that EIRS would enhance public enlightenment efforts to ensure taxpayers were well informed about the new tax structure and expected compliance.

He emphasised that the service was dedicated to transparency, value-added services, and developing a robust, sustainable tax system to serve the people of Edo.

He expressed appreciation to individuals, companies, and government MDAs whose compliance had played a major role in making the EIRS’s 2025 success story possible.

“Your taxes remain the foundation for the massive infrastructural and developmental projects currently underway across our dear state,” he added. 

Vanguard News