Home Business Ogun IRS Generates Over N17.94bn In Six Months

Ogun IRS Generates Over N17.94bn In Six Months

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By Kolawole Olayinka, Abeokuta

Ogun State Internal Revenue Service said it generated N17.94 billion between January and June this year, representing over 47per cent performance.

The growth is a positive variance for the corresponding period of the agency’s performance in the last three years.

The Chairman of the State IRS, Mr. Olugbenga Olaleye, disclosed this before members of the state House of Assembly Committee on Finance and Appropriation, led by Hon. Kunle Sobunkanla during the ongoing budget performance appraisal at the Assembly Complex, Oke- Mosan, Abeokuta.

Olaleye recalled that the revenue performance reflected a positive variance of N2.83 billion compared to the N15.11 billion generated in 2020 and N2.86bn in 2019 despite the adverse effects of COVID-19 on the global economies.

Giving a breakdown of the performance, the chairman disclosed that the amount was generated through personal income tax, stamp duty, road taxes, withholding tax, tax investigations, consumption tax, and development levies amongst other sources.

Olaleye, who revealed that efforts were in top gear for the Agency to commence tax audit to further boost its revenue generation efforts to the tune of N9.4billon, added that there was introduction of technology-driven policies to ease tax compliance.

According to him, the tax audit set out to raise tax assessment on taxpayers, improve tax compliance check on taxpayers, while achieving holistic tax reviews and investigation.

Responding, Sobunkanla lauded the agency’s performance in improving the state’s revenue, assuring of more legislative support towards accomplishing its target.

The lawmaker also appraised the budget performances of the state’s Ministry of Budget and Planning as presented by the Permanent Secretary, Mrs. Funmilayo Dada and that of the Finance Ministry as reeled out by its Permanent Secretary, Hassan Adekunle.

 

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