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Edo real estate, property market record boom

19 Apr 2022

… as Physical Planning, Education Ministries, EdoGIS lead revenue generation in Edo

The Edo Internal Revenue Service (EIRS) has said that the Ministries of Physical Planning, Urban and Regional Development, Education and the Edo Geographic Information Service (EdoGIS) top revenue generation in the state in the first quarter of 2022.

This was disclosed by the Chairman of the Edo State Internal Revenue Service’s (EIRS) Internally Generated Revenue (IGR) Taskforce, Hon. John Inegbedion.

He noted that the activities of the three government institutions enabled the service in meeting its monthly IGR target of N3bn.

Inegbedion disclosed this during the service’s 2022 quarterly (Jan – March) performance review meeting held by the management of EIRS.

The IGR Taskforce boss further thanked zonal and branch managers as well as staff of the service for their dedication and efforts at achieving the feat and sued for its growth.

The Ministry of Physical Planning, Urban and Regional Development, led by Isoken Omo, has been at the forefront of the government’s revenue mobilization drive, with an ongoing campaign for recertification of building plans, permits and other services.

The expansion of the state’s real estate and property market is closely linked with the uptake in receipts for the ministry. There has been frenzied activity by estate developers, who are helping to open up new areas in suburban fringes of Benin metropolis.

EdoGIS’ revenue profile is also linked to the real estate sector as individuals and corporate bodies are taking advantage of the land reforms in the state to secure their landed properties. The agency issues Certificate of Occupancy (C-of-O) for landed property.

Recall that at the last quarterly performance review meeting of 2021, and on assumption of office as Chairman of IGR Taskforce, Hon. John Inegbedion was charged by Governor Godwin Obaseki to champion a robust revenue administration for the state in line with budgetary provisions.

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