Wednesday, May 18, 2022

Ogun govt generates N12bn revenue in 3 months

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The Ogun Board of Internal Revenue Service, OGIRS, has generated N11.8 billion as revenue between January and March 2022 to the coffers of the state government.

Olugbenga Olaleye, OGIRS Chairman made, this known on Tuesday in Abeokuta.

Olaleye was defending the first quarter budget performance of the agency before the House of Assembly Committee on Finance and Appropriation, held at the Assembly Complex in Abeokuta.

The chairman, represented by Biodun Adeleye, a member of the OGIRS board, explained that the amount translated to 83.8 per cent of N14.076 billion of the budgeted amount for the same period.

He noted that the amount generated was more than the N9.14 billion generated for the same period of March 2021.

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He added that the first-quarter performance for 2022 remained the best in the last three years, despite the challenges and downturn in worldwide economies.

The chairman explained that the state government had replaced the use of the average personal income tax rate of about 17 per cent with a flat rate of 0.5 per cent on corporate land transaction value.

He stated that the gesture would encourage ease of doing business in the state by attracting more potential investors.

The OGIRS chairman added that the agency would continue to block revenue leakages.

Earlier, Olakunle Sobukanla, the Chairman of the House Committee on Finance and Appropriation, noted that the oversight function was not meant to witch hunt any Ministry, Department, or Agency, MDAs.

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Mr Sobukanla said that the exercise was meant to assess and ascertain the level of compliance by the MDAs with the 2022 appropriation law, and to ensure effective and efficient service delivery to the people.

NAN

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