Wednesday, February 10, 2016

Anambra state govt. and Fidelity Bank hold 1 day Internally generated Summit

Mr Nnamdi Okonkwo, the Group MD/CEO of Fidelity Bank Plc has advocated the need to refocus the tools used in tax administration in Anambra state. He was speaking today, Tuesday, February 9, 2013 at the one day Internally Generated Revenue summit sponsored by the bank.

Mr Okonkwo also said that it was possible to triple IGR in the state from the current N1.2B

While welcoming the participants, the governor, Chief Willie Obiano said the seminar was important due to the prevailing economic conditions in Nigeria. He gave an example using an analogy saying that if the government was receiving N100 before, it now receives N27 from the federal government.

He said that the only way forward is to reduce costs, plug leakages and improve IGR and that the target is to move IGR to N2.2B during the current budget year without increasing taxes.

In his paper, Mr Ben Akabueze, former Commissioner for Budget and Economic Planning in Lagos state while sharing the Lagos state experience said despite the increase in IGR in Lagos state, it was still work in progress. He said that IGR in Lagos state in 1999 was only N600M with only 250,000 people paying taxes, but this increased to N7B 8 years later with 500, 000 paying taxes. The tax net increased further to 4.5M people and N23B by the end of Fashola's administration. Presently in the new Ambode administration, the net is now N5M and N5B monthly.

He said that Anambra state should be more audacious by broadening its socio-economic horizon, but this requires the full support of Ndi Anambra. If you think audaciously, you will act audaciously.

The summit is ongoing at the Professor Dora Akunyili Women Development Centre.

AbleMoJah® Nigeria.

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