Akwa Ibom state in south-south Nigeria has recorded N6. 85 billion from its Internally Generated Revenue (IGR) in the first quarter of 2018.
The Chairman, Akwa Ibom Board of Internal Revenue Service, Mr Okon Okon, disclosed this when he led other members of the board to brief Committee on Finance and Appropriation, state House of Assembly, on the revenue generation performance of the state on Monday.
Mr Okon who was accompanied on the occasion by tax consultants said that the amount represented 72 per cent of the initial average quarterly revenue of N9. 5 billion projected by the Service for the period.
“It gives me delight to let the House Committee on Appropriation and Finance to know that for the 2018 fiscal year we signed off a budget of N38 billion.’The money is to be generated by Internal Revenue Service and we broke it into quarters.The first quarter amounted to N9.5billion.
‘’Accordingly, by the end of the first quarter, our record performance in the first quarter of the year 2018 yielded N6. 85 billion representing, 72 per cent achievement of the budget for the quarter.When 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. Also you will notice that in first quarter of 2017, the Service achieved N4. 85 billion. The first quarter of 2018, it achieved N6. 85 billion, indicating an improvement,” Okon said.
According to him, the service was able to enhance revenue collection and management system through the introduction of automation and technology in tax payment system.
He, however, identified tax evasion as one the challenges faced by the service.