Revenue Law ‘II Stop Excess Spending – Committee

Chairman of the State House of Assembly Committee on Finance, Hon Josiah Olu has given indication that the passage of a bill to repeal and re-enact the State Board of Internal Revenue Law would help to stop excess spending of state funds.

Hon. Olu stated this recently while presenting his committee report after organizing a public hearing on the proposed law of restructure the Board of Internal Revenue so as to increase the state internally Generated Revenue (IGR).

The finance committee chairman explained that the bill when passed into law would shift the states dependence on federal allocation to IGR, thereby enhancing the states possibilities in other sectors of the economy.  

According to him, “the autonomy of the Board of Internal Revenue would enhance not only proficiency but would foster economic growth and accountability,” noting that the quest for good governance would be achieved through the provision of data base for tax payer.

He urged the House to consider the bill good enough for passage as it would strengthen monitoring and enforcement capacity of the Board, pointing out that a huge chunk of government monies presently spent on external Revenue consultant would be saved.

The Committee Chairman explained further that the office of the Executive Chairman shall be responsible for the formulation and execution of the Tax policies of government as provided by the proposed law.

He disclosed that the committee received vital contributions from the public to enrich the bill that also provides for a joint state and local government revenue committee to Comprise Board of Internal Revenue and the Local Government Revenue Committees.

Meanwhile, final debate on the bill has been deferred to a later day as the House adjourned sine die to enable members participate in the Pan African Parliamentary programmes hosted by the State Assembly.