OGIRS generates N11.8bn in first quarter of 2022

Bankole Taiwo, Abeokuta

Mr Olugbenga Olaleye, the Chairman, Ogun Board of Internal Revenue Service (OGIRS), on Tuesday, said that the agency had generated N11.8billion as revenue between January and March to the coffers of the state government.

Olaleye stated this while defending the first quarter budget performance of the agency before the House of Assembly Committee on Finance and Appropriation , held at the assembly complex in Abeokuta.

The Chairman, represented by Mr Biodun Adeleye, a Board member of OGIRS, explained that the amount generated translated to 83.8 per cent of N14.076billion of the budgetted amount for the same period.

He noted that the amount generated was more than the N9.14billion generated for the same period of March, 2021.

He added that the first quarter performance for 2022 remained the best in the last three years despite the challenges and downturn in worldwide economies.

The chairman explained that the state government had replaced the use of average personal income tax rate of about 17 per cent with a flat rate of 0.5 per cent on corporate land transaction value.

He stated that the gesture would encourage ease of doing business in the state by attracting more potential investors.

The OGIRS Chairman added that the agency would continue to block revenue leakages.

Earlier, Mr Olakunle Sobukanla, the Chairman, House Committee on Finance and Appropriation, noted that the oversight function was not meant to witchunt any Ministry, Department or Agency’s (MDAs).

Sobukanla said that the exercise was meant to assess and ascertain the level of compliance by the MDAs with the 2022 appropriation law and to ensure effective and efficient service delivery to the people.