Declining revenue worries Soludo, targets N4bn monthly IGR

…says state already running a deficit revenue

Anambra State Governor Prof Chukwuma Soludo has expressed worry over declining internally generated revenue of the State.

He said the state expected to generate N4billion per month, is already running a deficit revenue which is one of the key projections.

Speaking while inaugurating the State Board of Internal Revenue at Governor’s lodge, Amawbia, Soludo charged the members to expeditiously increase the revenue within first three months or face dissolution.

He described Internal Revenue Service as life-blood of all government operations,

stressing that he expected to have the body doubled its initial revenue, just as he pledged to interface and evaluate performance every three months.

He said, “State government should be making more than N3 billion per month, which has yet to happen, and that the 2023 budget is expected to generate 4 billion naira per month.

“State government is running a deficit on IGR, which is one of the key projections. FAAC allocations are unpredictable, but we have an economy with an estimated value of up to N5 trillion.

“It is critical to highlight the enormous potentials that exist, as well as the appropriate benchmarks and targets.

“If we have a 5 trillion naira estimate and collect 1%, that is 60 billion naira per year. If we collect 2%, that’s 120 billion naira per year, or a minimum of ten billion naira per month on average. If we receive 5% of income, we will have 300 billion naira per year.

“As of Monday, we were dangling around 1 billion naira per month, which is extremely low. You can see how far we are doing in relation to the potentials that exist,

“The internal revenue service requires a 180 percent turnaround. The current path we are taking will not get us very far because we have been trying it for a year.

“Members of this board must get to work right away because there is a lot of work ahead of them.

“We will interface and evaluate performance every three months. It will have a high mortality rate and a three-month life span. If this board fails, we will disband it and create a new one.”

The board has Mr. Richard Madiebo as its Chairman, while Executive Directors include Dr. Greg Ugochukwu Ezeilo (Anambra South), Dr. Christian Madubuko (Anambra North), Mr. Benjamin Anierobi Okafor (Anambra Central).

Other members are Commissioner for Budget and Economic Planning, Mrs Chiamaka Nnake, Commissioner for Finance, Mr. Ifeatu Onejeme, Commissioner for Lands, Prof. Ofornze Amucheazi and Commissioner for Transport, Mrs. Pat Igwebuike.

Others are Mr. Don Adizuo, Secretary/Head of Legal Dept., Mr. Chika Oformma, Head of Assessment and Mrs. Juliet Nwakpudolu, Head of High Net Individual Assessment Dept.

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