The Cross River Internal Revenue Service (CRIRS) says it has grown its monthly revenue collection from N1.9 billion in May to about N2.97 billion in October.
The Cross River IRS chairman, Edwin Okon, disclosed this in Calabar on Thursday during an interactive stakeholders’ session and training on best practises for tax consultants operating in Cross River.
Mr. Okon also used the occasion to announce plans by the government to introduce property tax in the state.
The chairman, who gave the projection of the state revenue service to raise N35bn as internal revenue in 2024, noted that the state could grow beyond the projection if all worked with a common purpose.
Mr. Okon attributed the steady rise in tax collection since he assumed office in June to the cooperation of stakeholders and appealed for more resources to enable the government to have more resources at its disposal.
He said, “We are the owners of this state and it’s only us that can help us to build the state. I am happy to report that our monthly revenue of N1.9 billion in May grew steadily to N2.3 billion in June, N2.4 billion in July, N2.6 billion in July and now to N2.97 billion in October.
“We have also seen a remarkable improvement from the MDAs’ collection that has hovered around N3.8 billion since 2012 to N6.8 billion as of November 2023. We have our strategies on how we are following this, but it, however, comes with challenges.”
Mr. Okon also mentioned that “as for our N35 billion internal revenue projection for 2024, we are looking more in the direction of the informal sector.”
On the challenges of multiple taxation, the CRIRS, while acknowledging the situation, called on the stakeholders to devise a workable solution.
The Cross River government had projected to spend N250 billion as its capital and recurrent expenditure in the 2024 fiscal year.