Economy
Kwara Digitisation Process Yields Result as Annual IGR Hits N27bn
By Modupe Gbadeyanka
About N27.0 billion was generated in 12 months by the Kwara State government as internally generated revenue (IGR), 95.61 per cent lower than the target it set for 2021.
This disclosure was made by the Kwara State Internal Revenue Service (KW-IRS) and it is coming a year after the state and the nation were locked down as a result of the coronavirus pandemic.
For about six months in 2020, the federal government imposed a lockdown in the country to curtail the spread of the deadly virus, causing businesses to either shut down or operate remotely, affecting revenue generation.
In a statement signed by the Executive Chairman of KW-IRS, Ms Shade Omoniyi, it was stated that the agency projected to rake N29.2 billion in the year under review but it was unable to meet this target.
However, the funds generated last year remains the highest annual IGR recorded since the agency was founded in 2016.
Analysis indicated that in the first quarter of 2021, KW-IRS raked N9.6 billion and in Q2, it raked N6.5 billion and in the third and fourth quarter of the year, it generated N5.7 billion and N5.2 billion respectively.
Ms Omoniyi attributed the decline in the IGR from Q2 to Q4 to challenges associated with general apathy in the adoption of some newly introduced revenue collection processes, non-remittance, as well as seasonal collections.
But she said the annual rise in IGR was buoyed by “the gradual recovery of the economy after the pandemic, continuous consolidation and digitization of all revenue lines of the state, both of which are helping to reduce revenue loss, leakages, and diversion of revenues accruable to the state government.”
She assured that the agency is not relenting in its efforts of provision of seamless tax administration, continuous tax advocacy through various mass media platforms and stakeholders’ engagement to ensure tax compliance, prompt payment and remittance of tax arrears, eradication of under deductions and non-remittance of taxes due on income.
Ms Omoniyi this year, the organisation plans to consolidate on the digitization process which aims at achieving taxpayers’ convenience, as some of our major structural improvements include the Self-Service Portal where taxpayers could perform basic tasks in the comfort of their locations.
She noted that in 2022, the agency will broaden its tax net and make IGR collection seamless in the informal sector as several initiatives introduced at the Kwara State capital will be taken to all the local government areas with its continuous expansion of operations to all councils and the recruitment and deployment of additional 100 staff for improved efficiency at the grassroots.
The KW-IRS chief further said the agency will introduce cashless payments schemes in several touchpoints across the state with the consolidation of payment platforms and continuous improvement on its automation system across board.
She further assured that as the year 2022 progresses, KW-IRS will continue to establish more profitable partnerships and effective work relationships with all stakeholders for smooth revenue administration and strategic development of the state.
“The Service remains committed to improving its processes, promoting collective work ethics, and seamless provision of tax administration for the growth of Kwara State IGR,” the statement added.
Ms Omoniyi charged all business owners in the state to register their businesses with the KW-IRS, ensure tax returns are done within the time allowable by law, declare all sources of income for appropriate assessment, and pay all that is due on income as tax within the stipulated time.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
