Edwin Okon, the chairman of the Cross River Internal Revenue Service (CRIRS), revealed at a stakeholder meeting in Calabar that the monthly revenue collection (Tax) has seen a significant increase from N1.9 billion in May to nearly N2.97 billion in October.
According to him, “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.”
Okon, who also took the opportunity to share the government’s intention to implement a property tax in the state, expressed optimism about the state’s potential to exceed the projected N35 billion in internal revenue in 2024 if everyone collaborates effectively. He credited the consistent growth in tax collection since his tenure began in June to the collective efforts of all stakeholders. He further urged for additional resources to augment the government’s financial capacity.
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He also highlighted a notable increase in the MDAs’ collection, which has risen from around N3.8 billion since 2012 to N6.8 billion as of November 2023, despite the challenges encountered.
Regarding the N35 billion internal revenue forecast for 2024, Okon stated that the focus would be more on the informal sector. He also acknowledged the issue of multiple taxes and urged stakeholders to come up with a feasible solution.
Lastly, he mentioned that the Cross River government has estimated a total expenditure of N250 billion for capital and recurrent costs in the fiscal year 2024.