Ekiti State Launches New Tax Office to Boost Internally Generated Revenue
As a way of enhancing the state’s financial independence, the newly built Ekiti State Internal Revenue Service Area Tax Office was officially commissioned in Ikole-Ekiti.
This initiative aims to fund recurrent expenditures through internally generated revenue (IGR), minimizing reliance on federal allocations.
In his address at the launch, Governor Abiodun Abayomi Oyebanji, stressed the importance of this new office, stating that it reflects the state’s commitment to decentralizing revenue collection and improving the efficiency of tax administration.
The governor noted, “This office is a crucial step towards building a self-sustaining economy for Ekiti State.”
The establishment of the tax office comes in response to the remarkable increase in the state’s IGR, which has played a vital role in fulfilling various campaign promises, including advancements in education, agriculture, health, infrastructure, and human capital development.
The governor reiterated the objective to fully fund workers’ salaries and recurrent expenses through IGR, while reserving federal allocations for essential development projects.
Residents are urged to promptly pay taxes, as funds reinvested improve critical infrastructure and initiatives that enhance living standards statewide.
“Tax payment is not just a duty but an investment in our collective future,” the governor asserted.
Officials expressed optimism about the potential of the new tax office to significantly enhance revenue generation in the coming years.
Related Posts
They believe that with the cooperation of all citizens, Ekiti State can achieve the targeted financial self-reliance.
Unity among residents is crucial as the state pursues a prosperous future for Ekiti State on this important journey.
IGR Increase in Ekiti.
In the report circulated by the Joint Tax Board (JTB) at its 155th meeting at Zuma Rock Resort, Suleja, Niger State, Ekiti State ranked first in the 2023 Annual Growth Rate Ranking.
The Internally Generated Revenue (IGR) increased from ₦17.03b in 2022 to ₦29.82b in 2023, representing a 75 percent growth rate.
Enhanced reporting and strong IGR growth have improved compliance, as taxpayers appreciate Governor Biodun Oyebanji’s performance and leadership.
Ekiti State also moved up to 16th position in the Total Collections Ranking from its previous ranking of one of the worst five.
