According to the Abia government, internal generated income (IGR) during the months of January through June of 2024 totaled over N15.5 billion.
This was revealed by Mike Akpara, the commissioner of finance, on Monday during a press conference at Government House in Umuahia regarding the results of the State Executive Council meeting. Mr. Akpara said that Abia’s IGR had increased significantly and expressed satisfaction that the numbers were becoming better every month.
“We used to be running at about 59% or 58% year-to-date, but as of right now, we are at 62%, which is significantly different from what we used to get. The commissioner stated, “The IGR received from January to June was N15,499,482,456.70, and as of July 1 to July 6, we got N17,010,976,942.34.”
According to Mr. Akpara, Abia has produced an average of N17 billion since January, compared to N16 billion in IGR in 2022. Additionally, he stated that the state’s IGR showed data indicating a large growth in 2023, the year the current administration took office. According to Mr. Akpara, there are instances when the monthly average revenue could rise or fall, making it an essential indicator for comprehending income trends.
“You cannot predict that your IGR will be N3 billion based on the revenue model. The term “monthly average revenue” describes anything. The monthly average revenue for the period of June 23 to June 29 was N2.5 billion. “If revenue from June 23 to June 29 was N2.5 billion on average, then paints a stronger picture of the steady money flow at that time. This implies that one might spend N3 billion at some point. One might do N2.1 billion at some point.
“We were averaging N2.7 billion from July 1 to July 6, which suggests that IGR is cyclical. It operates in a cycle, Mr. Akpara emphasized. Mr. Akpara added that in an effort to increase the state’s IGR, the administration of Governor Alex Otti had set a goal for itself in terms of monthly revenue generation.
Beyond the state budget, Mr. Otti’s administration set itself a goal to produce N4.3 billion on average each month and N52.4 billion by the end of the year, according to the finance commissioner. “To ensure that we meet the aim, we have set a goal that is well outside of the budget for ourselves. However, it is not what we have in the budget; rather, we are aiming for this in order to reach the budget’s target, Mr. Akpara clarified.
Additionally, according to Ferdinand Ekeoma, the governor’s media assistant, the administration of Mr. Otti established a multifunctional task group to guarantee efficient tax payment. The fact that we are taking these actions indicates that revenue generation will steadily increase. We anticipate performing far better than we are now doing, Mr. Ekeoma stated. (NAN)
