Ekiti State has recorded a steady increase in its Internally Generated Revenue (IGR) over the last three years, reflecting the economic reforms and fiscal discipline championed by Governor Biodun Oyebanji’s administration.
According to official data, the state’s IGR rose from ₦5 billion in the first quarter of 2023 to ₦10 billion in the same period in 2024. As of the first quarter of 2025, Ekiti State achieved a remarkable ₦14.4 billion in internally generated revenue—almost triple the figure recorded two years earlier.
The ₦5 billion generated in Q1 2023 was part of a ₦15.8 billion annual projection, while the 2024 Q1 revenue of ₦10 billion reflected progress towards a revised ₦22.5 billion target. The most recent figure of ₦14.4 billion represents a strong start towards the 2025 annual projection of ₦29 billion.
Observers have attributed this upward trajectory to improved tax compliance, investor confidence, and a series of strategic reforms introduced by the Oyebanji-led government. These include digitization of revenue collection, strengthening of fiscal institutions, and efforts to broaden the state’s tax base without imposing excessive burdens on citizens.
Speaking on the development, a senior official in the Ministry of Finance described the performance as “a clear indicator of growing economic stability and the effective implementation of the administration’s fiscal roadmap.”
Governor Oyebanji has consistently emphasized the importance of internally generated revenue in reducing the state’s reliance on federal allocations and ensuring the financial autonomy of the state government.
“With sustained reforms and transparent governance, Ekiti is building a resilient economy capable of supporting inclusive growth and long-term development,” the governor said recently.
Financial experts and development partners have commended the administration’s commitment to economic revitalization, noting that the continuous IGR growth positions the state as a model of fiscal responsibility in the Southwest region.
As Ekiti State moves forward, analysts predict further growth, especially if the administration continues to implement innovative revenue strategies and foster an enabling environment for businesses to thrive.
