5th March, 2012
The Chartered Institute of Taxation of Nigeria (CITN) has lauded Governor Kayode Fayemi of Ekiti State for kick-starting the process of granting autonomy to the state’s internal revenue board.
Mr. Sunday Jegede, the President of the CITN, told the News Agency of Nigeria (NAN) on Sunday, in Lagos, that granting autonomy to the board was crucial to boost the revenue generated from taxes.
He advised the governors of the other states to emulate Fayemi’s initiative if they had not done so.
Jegede said that the CITN was aware that a bill on the issue had been forwarded to the Ekiti State House of Assembly for passage into law.
“Also, CITN is positive that with the passage of the bill, revenue generation from taxes would improve and significantly surpass set targets.
“For instance, at the close of last year, statistics obtained from the Ekiti State Ministry of Finance indicated that the state’s internally-generated revenue has moved significantly from a paltry N109 million to a whopping N600 million per month.
“This landmark initiative will certainly propel more commitment to tax collection and enable the state to evolve a system that will block all illegal conduits in the system,” Jegede said.
He added that by blocking all revenue leakages, the state’s target of N1billion monthly internally-generated revenue would be realised within the shortest period.
Jegede, who is also the President of the Association of African Tax Institutes (AATI), equally lauded Fayemi for constructing several roads to enhance the movement of people and goods as well as improve commerce and industry in the state.
“CITN took particular note of roads from Igede to Awo-Ido, Igbara Odo to Ikere, Ikogosi to Ikole, Iloro to Aiyetoro, dualisation of Old Garage to Ojumose and dualisation of First Baptist road to Atikankan, among others
“This, the CITN believed, was a strong indication that tax payers’ funds were being judiciously utilised for infrastructural development within the state,’’ he said. (NAN)