Ogun IRS generates N11bn IGR in first quarter of 2022
By Kolawole Olayinka, Abeokuta
Ogun State Internal Revenue Service (IRS) says it generated N11.804billion as revenue into the state government coffers between January and March this year, representing 83.86% of the N14.076billion expected revenue for the period under review.
IRS Chairman, Mr. Olugbenga Olaleye, disclosed this while presenting the agency’s 2022 budget performance for the first quarter before members of the state House of Assembly Committee on Finance and Appropriation, led by the Chairman, Kunle Sobukanla at the Assembly Complex, Oke-Mosan, Abeokuta.
Olaleye was represented by a board member and Special Adviser to the Governor on Corporate Development and Legal Services, Mr. Biodun Adeleye.
He explained that the total amount generated was 129% higher than the N9.143billion raked in for the same period as at March, 2021, noting that the figure excluded the N4.7billion expected from tax audit for the period under review.
Adjudging the performance as the best in the last three years despite the COVID-19 challenges and downturn in the global economy, Olaleye stated that plans had been intensified to shore up revenue through the replacement of 17% average Personal Income Tax (PIT), with a flat rate or 0.5% on corporate land transaction value to encourage ease of doing business and attraction of more potential investors.
He gave a breakdown of the revenue generated to include personal and withholding taxes, stamp duty, road taxes and direct assessment amongst others.
The lawmakers also appraised the budget performance of the Ministry of Budget and Planning and Bureau of Public Procurements and Statistics.
