Economy

FG Harmonizes Revenue Collection in FCT, States

By Web News 426

The Federal government has concluded arrangements to harmonize revenue collection in the Federal Capital Territory, FCT and Sub-States across the Federation. 

The minister of FCT Mallam Muhammad Bello made this known in Akure, Ondo State during a two-day retreat on the harmonization of revenue collection in the FCT 

Mallam Muhammad Bello decried that multiple agencies and departments responsible for the collection of various taxes and fees from businesses and individuals had caused confusion, duplication, and inefficiency within the system 

Represented by the permanent secretary, FCT Administration, Sir Olusade Adesola, the minister explained that the reform would enhance transparent, predictable and efficient regulatory environment for businesses 

Earlier, Governor Oluwarotimi Akeredolu was represented by Ondo state commissioner for finance, Mr Wale Akinterinwa recommended policy and administrative reforms which he said had increased the State’s IGR from 10.2 billion naira in 2017 to 32.8 billion naira in 2022

Also, the Deji of Akure, Oba Aladetoyinbo Aladelusi who described the tax as an essential tool for national growth advised the government on moderate taxation to encourage small businesses to grow 

In separate remarks, some participants including Chairman of, Federal Inland Revenue Service, Muhammad Nami described the retreat as not only timely but also a key to getting sustainable internally generated revenue for a better standard of living

Olorunferanmi Odofin

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Economy

Ogun Assembly Committee Discovers Fake Ticketing Racket in Revenue Collection

By Web News 700

A Tripartite Ad-hoc Committee set up by the Ogun State House of Assembly to address issues of fake ticketing has identified a high level of leakages and other sharp practices arising from alternate revenue tickets in the state

The committee headed by the Deputy Speaker, Mr Oludare Kadiri noted that the development had reduced the state’s revenue generation, hence the need to streamline the revenue sources and ensure a more transparent ticketing system.

Mr Kadiri stated this shortly after a stakeholders’ forum held at the Assembly Complex, Oke-Mosan, Abeokuta which had in attendance the State Commissioners for Forestry, MrTunji Akinosi; Transportation, Mr Gbenga Dairo as well as that of Industry, Trade and Investments, Mrs. Kikelomo Longe and others involved in transport operations. 

The Deputy Speaker gave the assurance that the House would strengthen efforts to curtail illegal revenue collection and fake ticketing across the 20 Local Government areas of the State

Oluwatoyin Adegoke