Nigeria

Official: Akwa Ibom raises N32 billion as IGR in 2019

Akwa Ibom State Governor Udom Emmanuel on Monday presented a proposed total budget outlay of N582.115 billion for the 2022 financial year to the State House of Assembly for consideration.

The Akwa Ibom State Government made its highest internally generated revenue (IGR) in over 30 years in 2019.

The Chairman, Akwa Ibom State Internal Revenue Service (AKIRS), who disclosed this on Saturday while delivering a keynote address at the 2021 International Accountants’ Day in Uyo, said the state made a record of N32.2 billion in 2019.

“Consistent with the hallmark of financial transparency and accountability of the present government, we were able to achieve a significant milestone in our first year in office, by growing the State’s IGR from as low as N14.79 billion in 2016 to N16 billion by 2017.

“By 2018, we moved it further to N24.21 billion and then to a historic record of N32.2 billion in 2019, representing over two times the highest annual IGR (about N15 billion) in the first 30 years of the creation of the State,” he said.

Mr Okon said the state government was able to generate as much as N30.70 billion in 2020 despite the adverse impact of the COVID-19 pandemic on businesses and the generous tax waivers from the government to cushion the impact of the pandemic.

He said the “feat” was possible through the support of accounting experts.

The Akwa Ibom State Government, he said, was committed to achieving more in revenue generation and would require more involvement of accounting professionals in tax services.

“There are higher prospects to do more and we need you to play more active roles than ever before, in making that to happen, by unlocking the existing potentials for growth, to build Akwa Ibom of our dream, that is fiscally sustainable and resilient to external shocks and vulnerabilities.

“For instance, the repositioning of AKIRS via autonomy granted by the governor has created significant improvement in voluntary tax compliance by our teeming taxpayers.

“This has led to high demand for tax services by the taxpayers in order to honour their obligations timely and adequately. Accountants can fill this gap and make money for themselves as well as promote tax payment culture amongst the tax public in the State,” he said.

Mr Okon urged accounting practitioners to always ensure that they adhere to professional ethics and standards in their practice.

The theme of the event was “The role of professional accountants in the economic development of Akwa Ibom State”.

Get more stories like this on Twitter and Telegram

Recommended Stories