Ekiti grows revenue by 75% to N29.82bn

…features in top tree investment destinations in Q1

Ekiti, one of the six Southwest States, has emerged top in improved Internally-Generated Revenue (IGR) among the 36 States and Abuja, the Federal Capital Territory, recording a 75% increase from N17.03 billion generated in 202 to N29.82 billion recorded in 2023.

In a revenue report circulated by the Joint Tax Board (JTB) at its 155th meeting held at Zuma Rock Resort, Suleja, Niger State recently, Ekiti State was ranked first in the 2023 Annual Growth Rate Ranking.

This is coming against the backdrop of another investment report which indicated in a total of $3.38 billion foreign direct investment (both portfolio and other investments) recorded in the Country in the first quarter, Q1 2024, Ekiti joined Lagos and Abuja with high foreign direct investment portfolio.

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The improvement, in terms of revenue and investment, is attributed to enhanced reporting and significant growth in IGR by the State and other economic variables and incentives. The obviously good performance of Governor Biodun Oyebanji is believed to have endeared him to taxpayers leading to improved voluntary compliance.

Ekiti State also moved up to 16th position in the Total Collections Ranking from its previous ranking of one of the worst five.

Under the Direct Assessment Parameters, the dynamism of Ekiti State Internal Revenue Service is evident as Ekiti State improved from 33rd to 15th position.

The State also ranked 25th in Withholding Tax collections and 28th in MDA collections.

Speaking on the development, Olanitan Olatona, Chairman of Ekiti State Internal Revenue Service, said “it is hoped that all MDAs will improve their collections and reporting to improve on the statistics in the future.”

Olatona said while the State Government had not introduced any new taxes in the State, it had effectively deployed technology to block leakages and ease the mode of payment.

“Beyond this, the governor has also deepened the citizens’ confidence in the Government through prudent spending that focuses on infrastructure, human capital development, health care delivery and creation of economic opportunities for the citizens.

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“This has helped them to pay their taxes as and when due, while also expecting more from government”, he said.

The Ekiti State Internal Revenue Service boos added that the State Government intended to capture more citizens in the tax net through sundry empowerment programmes and job creation efforts of the Government.