The Edo State Internal Revenue Service (EIRS) has announced a major breakthrough in its revenue modernization agenda with the signing of a Memorandum of Understanding (MoU) with the Nigerian Financial Intelligence Unit (NFIU).
The agreement, sealed on Friday in Abuja, marks a significant shift toward intelligence-driven taxation and enhanced transparency in revenue administration.
A statement explained that the MoU was signed by the Executive Chairman of Edo-IRS, Otunba Oladele Bankole-Balogun, and a representative of the NFIU.
The collaboration is designed to facilitate seamless access to financial intelligence and data analytics that will enable the state to drastically expand its tax net.
Under the new partnership, the Edo-IRS will gain improved capacity to identify high-net-worth individuals (HNIs) and corporate entities currently operating outside the tax database.
It will also help the agency track down tax evaders, uncover undisclosed income sources, and reduce revenue leakages across various sectors of the state economy.
Speaking shortly after the signing ceremony, Hon. Bankole-Balogun described the partnership as a groundbreaking development for Edo State’s revenue framework.
“This alliance with the NFIU is a game-changer for our revenue architecture,” he said. “It signifies a critical shift from traditional enforcement methods to an intelligence-driven compliance regime. We are now strategically equipped to analyze financial data, trace taxable income, and ensure every eligible citizen and business contributes their fair share.”
He emphasized that the partnership is central to achieving the state’s ambitious Internally Generated Revenue (IGR) targets, which are essential for financing the Senator Monday Okpebholo-led administration and its SHINE agenda—focused on security, health, infrastructure, natural and agricultural resource development, and education.
Bankole-Balogun further noted that the collaboration reinforces Edo-IRS’s commitment to digital transformation and bridging the gap between potential and actual revenue collection.
By leveraging cutting-edge intelligence tools and data-sharing frameworks, he said, the agency is poised to deliver a more transparent, efficient, and inclusive taxation system for the state.
