Business
IGR: Ondo Realises N10bn In 11 Months
Chairman, Ondo State Board of Internally Generated Revenue, (IGR), Mr Akin Akinsehinwa, said yesterday that the state generated not less than N10 billion between January and November.
Akinsehinwa, who disclosed this to newsmen in Akure, said that the figure was 85 per cent of the amount targeted for the year.
He said that the state had to intensify efforts on IGR because of the dwindling resources accruing to it from the Federation Account.
“We have been swimming against the tide since January because of the drastic drop in amount we get from the federation account; this has adverse effects on the economy of the state.
“Being a civil service state, this has led to irregular payment of workers’ salaries and has hindered the flow of income to the board.
“When economic activities are not booming we are constrained to adjust and slow down a bit so that we do not put too much pressure on the citizenry,” he said.
According to him, the amount generated came mainly from government ministries, departments and agencies.
The chairman said that the board had re-strategised on how to increase government revenue by looking at other areas.
“The board is proactive and dynamic and we are looking on how we can generate more revenue. We started with vehicle registration in June and realised a lot from it.
“We have just started enforcing the Land Use Act enacted last year by the Ondo State House of Assembly.
“We have informed the various landlords’ associations and stakeholders’ meeting had been held in that regard. The full enforcement will start either this month or in Jan. 2016,” he said.
Akinsehinwa added that the state government had decided to set up a special court to try tax offenders.
He said, however, that the court had not begun sitting because government wanted to ensure that qualified and committed personnel were drafted to the court.
The chairman appealed to the people to endeavour to pay their tax, and warned that defaulters would be prosecuted.
“The era of tax evasion is gone and the era of aggressive tax drive is here; whoever that does not want a collision with government should exercise his/her civic duties,” he warned.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.