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With the dwindling allocations from the Federation Accounts Allocation Committee (FAAC), state governments nationwide have planned a raft of measures to earn more revenues and enthrone frugality in public spending, THISDAY has learnt.
Investigations showed that many of the states are in dire financial straits and could hardly pay salaries as and when due as well as meet other contractual obligations in the wake of the double whammy of the COVID-19 pandemic, which disrupted socio-economic activities, and the low price of crude oil, the major source of foreign exchange for the federation, in the global market.
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The Kwara State Internal Revenue Service (KW-IRS) has attributed the significant drop in the state’s revenue to the biting effects of COVID-19 and other related factors.
The state generated N30.7 billion in 2019 but this dropped to N19.604 billion in 2020, a 56 per cent decrease.
Addressing a news briefing in Ilorin, the state capital, on Tuesday, the KW-IRS Executive Chair, Shade Omoniyi, said the drop in revenue generation in 2020 was expected because of the “COVID-19 restrictions, Kwara’s uncompromising adherence to tax break and waivers for businesses during the period, and the fact of its operations being majorly manual as at last year, 2020.”
Kwara Generates N9.6 Billion IGR in Q1 thisdaylive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisdaylive.com Daily Mail and Mail on Sunday newspapers.
The Kwara State Internal Revenue Service (KW-IRS) says that its Harmonized Bill is an improved tool of collection of all revenue due for payment from taxpayers across the State.
Hammed Shittu in Ilorin
The Executive Chairman, Kwara Revenue Internal Service (KWRIS), Mrs. Shade Omoniyi has disclosed that the agency recorded revenue generation of over N19 billion despite the Covid-19 pandemic in the country.
Speaking with journalists in Ilorin over the weekend, Omoniyi said the amount was achieved in the first quarter of 2020, before the pandemic took full effect on the economy.
According to her, “Due to the lack of physical contacts with some taxpayers for collections as well as the lockdown, there was a huge dip in revenue generated in Q2 2020 which extended into Q3 2020, to the last quarter of 2020.”