Akwa Ibom made N32 Billion from IGR In 2019 - Revenue Service

The Chairman, Akwa Ibom State Internal Revenue Service (AKIRS) Okon Okon, has revealed that the state made a record-breaking N32.2 billion in 2019 as internally generated revenue.

Okon who disclosed while speaking at the 2021 International Accountants' Day in Uyo, Akwa Ibom State Government stated that it was the state's highest internally generated revenue (IGR) in over 30 years.

“Consistent with the hallmark of financial transparency and accountability of the present government, we were able to achieve a significant milestone in our first year in office by growing the state’s IGR from as low as N14.79 billion in 2016 to N16 billion by 2017.

“By 2018, we moved it further to N24.21 billion and then to a historic record of N32.2 billion in 2019, representing over two times the highest annual IGR (about N15 billion) in the first 30 years of the creation of the state."

Okon said the state government was able to generate as much as N30.70 billion in 2020 despite the adverse impact of the COVID-19 pandemic on businesses and the generous tax waivers from the government to cushion the impact of the pandemic.

He further said that Akwa Ibom State Government was committed to achieving more in revenue generation and would require more involvement of accounting professionals in tax services.

“There are higher prospects to do more and we need you to play more active roles than ever before in making that happen, by unlocking the existing potentials for growth, to build Akwa Ibom of our dream, that is fiscally sustainable and resilient to external shocks and vulnerabilities.

“For instance, the repositioning of AKIRS via autonomy granted by the governor has created significant improvement in voluntary tax compliance by our teeming taxpayers.

“This has led to high demand for tax services by the taxpayers in order to honour their obligations timely and adequately. Accountants can fill this gap and make money for themselves as well as promote tax payment culture amongst the tax public in the State,” he said.

Okon urged accounting practitioners to always ensure that they adhere to professional ethics and standards in their practice.