• Mr Okon Okon exchanging pleasantries with members of the Akwa Ibom Assembly Commitee on Finance & Appropriations, shortly after his presentation for AKIRS 2024 budget on Friday. Photo: Ukeme Ita–ONNA
… as revenue agency proposes N60bn IGR for 2024
Itoro Bassey
Akwa Ibom State House of Assembly’s Finance and Appropriations Committee has called on the state’s Internal Revenue Service (AKIRS) to concentrate on boosting its revenue generation, thereby enhancing the government’s fiscal drive and ensuring value for money.
Dr Itoro Etim, the committee’s chairperson, emphasized this during the agency’s budget defence on Friday.
Dr Etim stressed that the committee’s role in the budget defence was not just to scrutinize figures but to foster an environment where residents can trust the financial institutions propelling the state’s economic growth.
She stated, “Our primary aim is to ensure that AKIRS generates more revenue for the state. We are ready to assist in any way possible to help you achieve your targets”.
Mr Okon Okon, the Chairman of AKIRS, revealed that a budget of N60 billion has been proposed for the agency for the 2024 fiscal year, with N3.94 billion earmarked for capital projects.
Okon revealed that AKIRS is projected to generate 47 billion of the total sum, with the remaining 13 billion expected to be produced by various other ministries departments and agencies (MDAs) of government.
He said: “Akwa Ibom State Internal Revenue Service has come a long way in the past five to six years in terms of transformation and reorganisation. Consequently,we have witnessed a steady growth year on year. And so for the year 2024, we are proposing to capitalize a total of N60 billion by way of internally generated revenue for the state”.
Okon noted that to achieve the agency’s objectives, it would invest in capacity building, large-scale tax enlightenment campaigns, data sourcing, infrastructure, enumeration, and other key enablers that would help transform the agency to a digitalised outfit by 2024.
Meanwhile, Dr. Offong Offor, presenting the summary of the 2024 budget proposal and 2023 budget performance report for the Ministry of Agriculture and Rural Development, stated that the ministry’s total proposed 2024 budget stands at N1,896,651,600, with a projected revenue of N546,700.
The permanent secretary in the Ministry of Special Duties and Ibom Deep Seaport, Engr Udosen Ephraim, reported a proposed envelope of N32.1 billion for the Ministry in 2024 to cover 14 projects. He also revealed that the ministry’s budget for 2023 was N56 billion, of which N17.56 billion was implemented, representing 31% of the budget.
Mfon Edemekong, the Permanent Secretary of the Ministry of Justice, defended the ministry’s budget proposal before the Assembly Committee, revealing an approved revenue budget of N55,500,000 for 2023. She also highlighted a generated revenue of N115,166,887.91 as of September 2023, representing a 200% increase, and a capital expenditure of N250,100,000.
Other departments, including the Ministry of Justice, Ministry of Health, State Government House, Akwa Ibom State Liaison Office, Lagos, and Law Reforms Commission, also presented their budget proposals to the Assembly Committee.
