Akwa Ibom State government has said it has realised N6.854 billion from its Internally Generated Revenue (IGR) in the first quarter of 2018.
The amount represents 72 percent of the initial projected amount, as the state had projected to achieve N9.5 billion in the first quarter of the year.
This disclosure was made by Mr. Okon Okon, the Chairman Akwa Ibom State Board of Internal Revenue Service (IRS) when he led members of the agency to brief the House of Assembly Committee on Finance and Appropriation on the revenue generation performance of the state Monday in Uyo.
His said, “It gives me the delight to let the House Committee on Appropriation and Finance know today that for the 2018 fiscal year, we signed off a budget of N38 billion to be generated by Internal Revenue Service, and we broke it into quarters.
“The first quarter amounted to N9.5 billion. Accordingly, by the end of the first quarter, our record performance yielded in the first quarter of the year 2018 N6.854 billion which represents 72 percent achievement of the budget for the quarter.
“You relate that to the previous year you will see the sharp difference between the transformation that has taken place this year and the year before.”
In addition, you will notice that in the first quarter of 2017 the board achieved N4.854 billion. The first quarter of 2018, the board achieved N6.854 billion, indicating an improvement.
“We were able to enhance revenue collection and management system through the introduction of automation and technology in tax payment system, blocking of leakages, expansion of tax nets, the involvement of tax agents, tax consultants, the hiring of the services of a lead tax consultant by the state governor.
“Others are the introduction of E- payment channels like POS, banks, e-payment receipt, interactive operational website, massive enlightenment and tax education via radio programme, door to door, seminars, and even road shows.”
Okon who attributed the improvement to the emphasis on transparency and accountability in the operation of the revenue collection system, however, identified tax evasion as one of the challenges faced by the revenue.
Chairman, House Committee on Finance and Appropriation, and member representing Esit Eket/Ibeno state constituency, Mr. Usoro Akpanusoh, said as part of its oversight function, the interface with the revenue agency became important to know the performance of the IRS in the area of revenue generation which the state needs to grow the economy.
He commended the agency for the innovation in the revenue collection system and encouraged them to sustain the tempo and ensure that they achieved the set target before the end of the year.
Usoro expressed satisfaction with the performance of the Board of Internal Revenue Service and hailed the Chairman and members of the board for the innovation they have brought to bear in the discharge of their mandate.
He, however, pointed out areas of improvement that he believed would add value to the tax collection system, and encouraged them to sustain the tempo and ensure that the N30 billion revenue collection target for 2018 was achieved before the end of the year.
He tasked the tax consultants working for the state government to endeavour to give back to the society from the patronage they have benefitted from the government by providing jobs for more Akwa Ibom indigenes and as well embarking on the corporate social responsibility to communities.
Other members of the Appropriation Committee in attendance during the meeting were the Deputy Chief Whip of the House of Assembly, and member representing Eket, Hon. David Lawrence, and the member for Nsit Ibom, Hon. Mfon Ekong and Clerk of the Committee, Mrs Indungafa.
The BIR chairman was accompanied by executive directors of the board including, Mr. Ekere Affia and Mr. Leo Leo Umana.
