Minister tasks stakeholders on IGR to stimulate Nigerian economy, improve governance

user_icon Minister tasks stakeholders on IGR to stimulate Nigerian economy, improve governance Posted by: NOTICE.COM.NG Staff
calendar-icon Minister tasks stakeholders on IGR to stimulate Nigerian economy, improve governance Posted on: 2021-12-01 05:14:11
Minister tasks stakeholders on IGR to stimulate Nigerian economy, improve governance MAIGARI-DINGYADI58329

The Minister of Police Affairs, Dr. Mohammad Maigari Dingyadi has charged stakeholders to deliberate on strategies to shore up the internally generated revenue, IGR by leveraging on changing technologies with a view to stimulating the economy and good governance in the country.

Dingyadi, As stated by a statement by the Head, Press and Public Relations Unit in the ministry, Bolaji Kazeem spoke on Tuesday at the opening ceremony of a two-day stakeholders’ zonal conference on IGR with a theme, “Strategies at Enhancing Internally Generated Revenue” holding in Abuja.

The minister who was represented by the Permanent Secretary, Mr. Temitope Fashedemi, said fiscal resources are urgently needed to stimulate the economy and provide the necessary dividends of good governance, noting that leveraging on the fast pace of changing technology would help in recording accounts and reporting of revenue to block leakages, losses, and wastages.

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He said: “There is no gainsaying the fact that Nigeria’s main source of FOREX and funding the national budget remains crude oil export whose price is determined by externalists outside our control.”

Dingyadi recalled that the worldwide lockdown due to the ravaging pandemic has drastically reduced the global demand for oil which affected the economy.

“There has been a drastic fall in capital importation of both foreign direct investment and foreign portfolio investment due to the uncertainty created by the pandemic. The usual remittances by Nigerian People in Diaspora were also reduced and all these reduced the availability of FOREX in the country," he added.

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In his presentation, titled: "The roles of stakeholders at enhancing internally generated revenue profile of the Nigeria Police Force, NPF: Nigeria Banks in Focus", the Director, Revenue Accounting Department, Federal Inland Revenue Service, FIRS, Mr. Okoroafor Francis enumerated revenue source for the Police as registration and renewal of firearm licenses; auction sales; CID clearance certificate/fingers; bank guards/Police services: Police extract fees: Rent of Police quarters/canteens; Tender fees: international vehicle certificate and driving permit fees: Police information fees and tinted glasses permit, among others.

Okoroafor, who was represented by the Assistant Director in the agency, Munir Muhammad added that the collection sources for these revenue streams should be decentralized through the bank branches nationwide, use of USSD codes for payments, and automation of the payment process.

Also in his presentation, titled: "Revenue Generation: A Panacea for Economic Suitability", Professor Abdullahi Ozohu-Suleman stated that comprehensive and up-to-date data or information on potential and existing taxpayers is vital to economic growth and development.

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He added that the absence of a database on businesses in the informal sector of the economy and challenges of lack of comprehensive and up-to-date databases as well as tax evasion are militating against effective revenue generation in the country.

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