The Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has disclosed that Oyo State’s Internally Generated Revenue (IGR) performance increased to N65.28 billion in 2024.
Adedeji made this disclosure in a statement issued by the FIRS on Monday.
He revealed the state’s IGR performance while addressing the opening ceremony of the 157th meeting of the Joint Tax Board, held in Ibadan, Oyo State.
Oyo IGR
In his remarks, Adedeji commended the Oyo State government’s IGR drive, describing it as impressive.
“Dr. Adedeji also acknowledged the state’s impressive achievements in revenue generation, noting a 145.5% growth in its revenue profile since 2019 and a 2024 Internally Generated Revenue (IGR) performance of N65.28 billion, placing Oyo among the top ten states in the country,” the statement partly reads.
- He praised the Executive Governor of Oyo State, Engr. Seyi Makinde, for the state’s progressive strides in infrastructure and socioeconomic development.
- Adedeji emphasized the significance of the Joint Tax Board, saying it serves as a unifying platform for tax administration in Nigeria.
- He also highlighted the Joint Tax Board’s evolution into the Joint Revenue Board, pending legislative assent.
He acknowledged the administration’s efforts in leveraging the informal sector for economic growth.
He concluded by encouraging the government and relevant stakeholders to continue their dedication to public welfare and socioeconomic development across the state.
What You Should Know
Nairametrics previously reported that Oyo was among the top 10 states with the highest Internally Generated Revenue in 2023.
- This Southwestern state generated N52.74 billion in IGR in 2023, comprising N40.52 billion in taxes and N12.12 billion in revenues from MDAs.
- The state’s IGR in 2023 declined by almost N10 billion from N62.24 billion in 2022 to the current figure.
- The state’s IGR in 2021 stood at N52.08 billion.
Meanwhile, the 36 states and the FCT collectively generated N2.43 trillion in Internally Generated Revenue (IGR) in 2023, reflecting a 26.03% increase from the N1.93 trillion recorded in 2022, according to the National Bureau of Statistics (NBS) IGR report for 2023.
- Lagos, FCT, and Rivers led in IGR collection, generating N815.86 billion, N211.10 billion, and N195.41 billion, respectively, during the period.
- In contrast, Taraba, Yobe, and Kebbi states reported the lowest revenues, with N10.87 billion, N11.19 billion, and N11.74 billion, respectively.
The report highlighted that Pay-As-You-Earn (PAYE) contributed the most to tax revenue, amounting to N1.24 trillion, or 63.83% of the total taxes collected.