Jumpstarting IGR to augment dwindling statutory allocations
THERE is a time-honoured aphorism that “life is war; and money is the sinus of war”. Since governance revolves round life’s existential challenges, political leaders in federal setting are expected to be creative and pragmatic in internally generated revenues to meet the ever ballooning demands of the governed.
The primary cause of the comatose economy has been traced to the faulty political structure which led to constraining federal laws that hamstrung the federating units from the exploration and exploitation of the vast natural and mineral resources. The clarion calls for diversification of the economy hinge on this anomalous governance structure.
The mono-economy based on the crude oil sales as major source of foreign exchange has boomeranged because the revenues are not used in the establishment of viable industries that would have diversified the revenue base.
Due to the vulnerabilities of international oil market and the politics of OPEC, countries like Nigeria that solely depend on crude oil sales for foreign earnings have been at the receiving ends when there are occasional external shocks that impact adversely on oil sales in the international market.
The above scary scenario has been the lot of Nigeria hence the current deep in the foreign exchange earnings which for the bedrock of the distributable Federation Account which feeds the three tiers of government.
The recurring financial crunch facing the state governments has led to inability to pay the minimum wage and be regular in the payment of bulk money in gratuity of retired workers. Consequently, most state governments have been creatively exploring avenues to jumpstart internally generated revenues (IGR) to provide good governance which is nothing but the basic needs of the masses.
Governor Chukwuma Soludo of Anambra State has outlined pragmatic measures that would jumpstart the (IGR) in accordance with his election manifesto which “aims to transform Anambra from a dominantly informal commercial state to a formal productive and competitive economy”. The expected quantum leap in (IGR) will be channeled to provision of conducive environment to ignite productive forces and small, medium and large industrialisation. It is believed that good business environment and ease of doing business will motivate payment of taxes and fees that will jumpstart( IGR).
Agriculture Ministry is poised to provide facilities for agro businesses and modern methods to encourage the youth to be gainfully engaged and even remain in the hinterlands to make decent living without roaming the streets in the urban and capital for less dwindling white collar jobs.
In trade and commerce, the governor has made plans “to create new digitised business models and remodel markets, partner with FG to construct and rehabilitate critical federal high ways to ease movement of goods and services with the regulatory facilities, the state’s IGR will register quantum leap to tackle the multifarious developmental challenges confronting the state.
etc”; in addition to evolving a “creative economy, entertainment and leisure”. With all these pragmatic measures in place with the regulatory facilities, the state’s IGR will register quantum leap to tackle the multifarious developmental challenges confronting the state.
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