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Soludo inaugurates Anambra board of internal revenue

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Governor Chukwuma Soludo of Anambra State has inaugurated the Anambra State Board of Internal Revenue.

The Board which is tasked with increasing the state’s internal generated revenue has Mr. Richard Madiebo as its Chairman.

The former CBN boss performed the function at Government Lodge, Amawbia.

Executive Directors of the Board include Dr. Greg Ugochukwu Ezeilo (Anambra South), Dr. Christian Madubuko (Anambra North), Mr. Benjamin Anierobi Okafor (Anambra Central).

Other members include the Commissioner for Budget and Economic Planning, Mrs Chiamaka Nnake, Commissioner for Finance, Mr. Ifeatu Onejeme, Commissioner for Lands, Prof. Ofornze Amucheazi, Commissioner for Transport, Mrs. Pat Igwebuike.

Others are Mr. Don Adizuo, Secretary/Head of Legal Dept., Mr. Chika Oformma, Head of Assessment and Mrs. Juliet Nwakpudolu, Head of High Net Individual Assessment Dept.

Governor Soludo pointed out that the Internal Revenue Service is the life-blood of all government operations, emphasizing that if it doesn’t work, nothing works.

The Governor noted that results of IGR are not even close to 50% of what he anticipated to achieve.

He stressed that he expected to have the revenue body doubled its initial revenue within its first four months, which did not happen.

He maintained that the state government should be making more than 3 billion naira per month, which has yet to happen, and that the 2023 budget is expected to generate 4 billion naira per month, stressing that the Anambra state government is running a deficit on IGR, which is one of the key projections.

“FAAC allocations are unpredictable, but we have an economy with an estimated value of up to 5 trillion naira.

“It is critical to highlight the enormous potentials that exist, as well as the appropriate benchmarks and targets.”

“If we have a 5 trillion naira estimate and collect 1%, that is 60 billion naira per year. If we collect 2%, that’s 120 billion naira per year, or a minimum of ten billion naira per month on average. If we receive 5% of income, we will have 300 billion naira per year.

“As of Monday, we were dangling around 1 billion naira per month, which is extremely low.”

“You can see how far we are doing in relation to the potentials that exist,” Soludo said.

“The internal revenue service requires a 180 percent turnaround. The current path we are taking will not get us very far because we have been trying it for a year.

“Members of this board must get to work right away because there is a lot of work ahead of them.

“We will interface and evaluate performance every three months.” It will have a high mortality rate and a three-month life span. If this board fails, we will disband it and create a new one.

Terms of Reference of the Anambra State Board of Internal Revenue include:

  1. Providing general policy guidelines regarding the functions of the State Internal Revenue Service and supervising implementation of such policies.

  2. Ensuring the effective and optimum collection of all revenue, including levies and penalties due to the State Government under
    the relevant Federal and State Laws.

  3. Doing all such things that may be deemed necessary and expedient for the assessment and collection of all revenue.

  4. Accounting for all amount so collected in a manner to be prescribed by the Governor.

  5. Making recommendations where appropriate to the Joint Tax Board on tax policy, tax reform, tax registration, tax treaties and exemption as may be required from time to time.

  6. Appointing, Promoting, Transferring and imposing discipline on employees of the State Internal Revenue Service.

  7. Making Recommendations to the Governor regarding the terms and conditions of employment and remuneration of staff of the Internal Revenue Service.

  8. Controlling the management of the State Internal Revenue Service on matters of policy, subject to the provisions of any regulations setting up the State Internal Revenue Service.

  9. Doing such other things as are in the opinion of the Board necessary to ensure the efficient performance of the functions of the State Revenue Service under the Law.

The Chairman of the board thanked the Governor for the confidence in them and promised that the board will live up to expectations

Secretary to the State Government, Prof. Solo Chukwulobelu, Chief of Staff, Mr. Ernest Ezeajughi, Commissioner for Industry, Mr. Obinna Ngonadi, MD Ocha Brigade, Mr. Celestine Anaere among others, attended the event.

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