Ogun state government says it has generated 11.84 billion naira internally generated revenue (IGR) between January and March this year.
The IGR generated by the Ogun State Internal Revenue Service (OGIRS), excluded 4.7 billion naira revenue being expected from the tax audit for the three month period.
The revenue is 12.9% higher than the 9.14 billion realized during a similar period last year.
The IGR, regarded by OGIRS, as the highest in the past three years, represents 83.86% of the 14.07 billion projected revenue for the three month period.
Chairman of OGIRS, Olugbenga Olaleye, announced the revenue figure on Tuesday while presenting the agency’s 2022 budget performance for the first quarter before the assembly’s finance and appropriation committee.
Olaleye, represented by a member of the OGIRS board, honorable Biodun Adeleye, told the committee that the IGR was realized from personal and withholding taxes, as well as stamp duty tax, road taxes and direct assessment tax.
The OGIRS chairman, assures that the revenue drive will receive a further boost through the replacement of 17% personal income tax with a flat rate of 0.05% of corporate land transaction value.
He adds that efforts will be made to meet the year’s IGR target by opening more road taxes outlets, more enforcement of tax payment, deployment of technology, and allocation of outstanding tax audit.