Taxable Pencil & Toothpick Factory in Akwa Ibom
Akwa Ibom State Government is smiling to the bank as it makes spirited effort to divest from over-reliance on oil revenue to other sources of income. The state government is celebrating the feat of recording a significant increase in its internally generated revenue IGR.
During this week the government discloses that it recorded N20.4 billion between January and June 2019 as internally generated revenue (IGR). Executive Chairman, Akwa Ibom State Board of Internal Revenue, Mr. Okon Okon, disclosed this at an interaction with newsmen in Uyo.
He revealed that the Board had recorded N16 billion in 2017 when it came on board, while N24.2 billion was generated in 2018. However, this year’s half-year performance has almost matched the total revenue last year. He credited the success story of the Board to passion/commitment and cooperation of taxpayers to the development of the State.
According to Mr. Okon, “I am delighted to state that, the strategies developed so far have yielded appreciable improvement in IGR of the state. “The Service has recorded steady growth year-on-year with a record of N16 billion when we came on board in 2017, N24.2 billion in 2018 and N20.4 billion as at half-year of 2019,”
he said further stated that, as part of its policy thrust, the Board had deployed effective dynamics through what he called, Revenue and Institutional Transformation Agenda (REVITA), to expand the tax base in the informal sector of the state in an effective and equitable way.