The study estimates the profitability of arable crop production under the Goronyo Dam Irrigation Project. Multi-stage sampling technique was used to sample 246 farmers and the limited cost-route approach was used with the aid of questionnaire to collect relevant information. Farm budgeting technique was use to estimate costs and returns associated with arable crop production. The result of costs and returns estimates revealed mean gross margin per hectare of NGN69,245.86, NGN53,444.19, NGN11,911.11 and NGN82,308.83 for rice, maize, cowpea and tomato farms, respectively. The return on NGN invested was 0.61, 0.54, 0.53 and 1.40 for rice, maize, cowpea and tomato, respectively. Based on the values of return on investment obtained from the analysis, tomato production was more profitable. The result of cost efficiency estimation indicate that 1 per cent increase in the cost of labour input will increase the total cost of production by 0.44, 0.64, 0.43 and 0.21 per cent for rice, maize, cowpea and tomato farms, respectively. All the four major arable crop enterprises under the Goronyo dam irrigation project were profitable. Farmers should reduce their cost of production by using more cost saving technologies like improved planting material, agrochemical and tractor in order to increase the profitability of the various arable crop enterprises with the irrigation project.