… EIRS Chairman, others highlight new Nigerian tax regime
The Edo State Internal Revenue Service (EIRS) has announced that the state generated N79 billion in Internally Generated Revenue (IGR) so far this year.
Executive Chairman of EIRS, Hon. Oladele Bankole-Balogun, disclosed this during a high-level meeting with heads of Ministries, Departments and Agencies (MDAs), permanent secretaries and directors in Benin City
He said N52.6 billion of the total was realised in the first half of 2025, representing a 46 per cent increase compared to previous years.
“These results are commendable. Yet, by the standards of the governor, the expectations of Edo people, and the possibilities before us, there is still much more to do,” he said.
Bankole-Balogun warned that leakages by MDAs pose a serious threat to sustainable growth and stressed the need for strict compliance with the Treasury Single Account (TSA), adoption of digital reporting systems, and alignment with the new Nigerian Tax Reform Acts that will take effect on January 1, 2026.
“Revenue is the lifeline of development. It is not an end in itself, but a means to better roads, stronger health systems, vibrant education, safe communities, and dignity for all citizens of Edo State,” he said.
He noted that every MDA must become “a revenue-generating asset in its own right” while ensuring proper remittances with digital trails and accountability.
The chairman highlighted opportunities in the 2025 Nigerian Tax Reform Acts, which consolidate multiple tax laws into a unified Nigeria Tax Act (NTA).
He said the reforms expanded the tax base to include digital assets and informal commerce, introduced a 4 per cent development levy, and established new institutions such as the Nigeria Revenue Service (NRS) and a Tax Ombudsman.
“The new framework simplifies, digitalises, and makes tax administration more predictable. Edo must align internal processes, adopt e-receipting, and leverage our informal and digital economy for sustainable growth,” he said.
Bankole-Balogun urged MDAs dealing with land, urban planning, permits, and business registrations to strengthen compliance with the restructured stamp duty and real estate provisions.
Meanwhile, Mr. Jackson Eribo, Executive Director of MDA Services, identified challenges hindering revenue optimisation, including illegal opening of revenue accounts, cash collections contrary to the state’s cashless policy, partial remittances, and non-compliance with Tax Clearance Certificate (TCC) requirements.
Attorney General of the state, Mr. Samson Osagie, and other stakeholders at the meeting agreed on the need for joint strategies to block leakages and ensure collaboration.
Also, the chairman of EIRS, Otunba Oladele Bankole-Balogun, has described the 12th Sunday Nosakhare Okundia Memorial Lecture as a timely reflection on Nigeria’s new tax regime, which takes effect on January 1, 2026.
Speaking at the lecture organised by the Institute of Chartered Accountants of Nigeria (ICAN), Benin and District Society, in collaboration with the EIRS, at the Sunday Nosakhare Okundia Training School in Benin City, Balogun said the late Okundia was a tax expert who made significant contributions to the state and his profession before his passing on October 1, 2013.
“We are celebrating the 12th year anniversary of a man who gave his all to the state and to his profession. He had significant achievements,” Balogun said.
He called for mass sensitisation and professional discipline ahead of the implementation of the new tax regime, warning against tax avoidance and evasion.
“By January 1, 2026, Nigeria is going to experience the most significant change in our tax laws since 1964. It is going to affect businesses, individuals, and government revenues. I call on you as professionals to uphold the highest standards of the profession,” he said.
The lecture, themed “An Overview of Nigerian Tax Laws: Recent Developments and Impact”, was delivered by Prof. Osasu Obaretin, Head of the Department of Accounting, University of Benin.
Prof. Obaretin described taxation as the lifeblood of government, saying: “If we want the government to perform, revenue must be generated. Tax is one sure way of generating that revenue. What we should be anticipating is government sincerity in utilising the taxes for the betterment of Nigeria.”
Chairman of ICAN, Benin and District Society, Rev. Christopher Awili, said the theme was carefully chosen in recognition of the expertise of the late Okundia in taxation and the need to educate citizens on the implications of the 2025 tax laws.
The Okundia family, represented by the matriarch, Mrs. Esther Okundia, and eldest son, Mr. Tokunbor Okundia, thanked ICAN, EIRS, colleagues and friends for keeping the memory of their patriarch alive.
Vice Chairman of ICAN Benin and District Society, Dr. Mrs. Ijeoma Emuze, in her vote of thanks, emphasised the need for enlightenment campaigns, particularly among market women, to help them understand the new tax regime and its impact on their lives.
