Kwara Grows Monthly IGR to N2.2bn

kwara-state-governor-alhaji-abdulfatah-ahmedKwara State Governor, Alhaji Abdulfatah Ahmed
  • Kwara Grows Monthly IGR to N2.2bn

The Governor of Kwara State, Alhaji Abdulfatah Ahmed, said the state has grown its monthly internally generated revenue to N2.2 billion in the first quarter of 2018, up from N600 million recorded in 2015.

Ahmed, who attended the Nigeria Governors’ Forum’s fourth annual National Peer Learning Event on Wednesday in Abuja, said the state faced difficult economic challenges in 2014 due to a huge drop in revenue generation and uncertain global events that impacted the state income negatively.

He said the defunct Kwara State Board of Internal Revenue was generating about N600 million, which according to him wasn’t enough to support allocations to pay salaries or fund the state infrastructure.

“In that same year, a study of the infrastructure needs of Kwara State identified a N255bn gap.”

“This discovery led to the Kwara State Infrastructure and Financing Strategy, a comprehensive and targeted plan to systematically close the infrastructure deficit.’’

The state has since embarked on financing strategies to reform its revenue generation by instituting necessary laws, signing of the Kwara State Revenue Administration Law and replacing the state BIR with Kwara State Internal Revenue Service.

He said, “Based on these challenges, KWIRS achieved growth as of 2015 to a monthly average of N1.45bn in 2016, a monthly average of 1.75bn at the end 2016, and a monthly average of 2.2bn at the end of the first quarter of 2018.”

“On account of these growths in our internal revenue, we have consistently been able to augment monthly federal allocation to ensure prompt payment of salaries.”

“It also helps to fund major projects, introduce new ones and pays office existing debts owed to contractors in the state.’’

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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