Wike mulls TSA to plug revenue leakages in Rivers
Disturbed by leakages of revenue on account of the multiplicity of state-run bank accounts, Governor Nyesom Wike has said Rivers is embracing the Treasury Single Account (TSA) initiative soon.
Besides, to boost the state’s revenue profile, the governor has ordered the Rivers Internal Revenue Service (RIRS) to ensure the internally generated revenue (IGR) hits an average of N10 billion monthly.
Wike stated this yesterday during the inauguration of the informal sector tax drive at the Government House, Port Harcourt.
He explained that his administration had decided to initiate the TSA in order to plug leakages arising from multiple accounts operated by the state government.
The governor said: “I assure you that very soon, the Treasury Single Account (TSA) will become operational. The Treasury Single Account will be implemented to checkmate what is presently going on. It is not good to have several accounts that lead to unnecessary leakages. Our revenue base fluctuates.
“The (revenue) board has been directed to expedite action for the state to hit N10 billion internally generated revenue (IGR) every month.
The single account model, when introduced, Wike promised would be diligently implemented in the interest of the state.
He reiterated that his allegiance was to Rivers people who voted him, as he was not sponsored by any group.
The governor urged the informal sector to support the state government by paying their taxes as prescribed by the Rivers Internal Revenue Service (RIRS).
“The drive for informal sector tax is key. I believe it will boost our revenue base and we need it,” he said.
On his part, RIRS chairman, Adoage Norte, explained that the exercise would ensure that informal sector entrepreneurs pay their taxes to the state government.
He stated those doing businesses in the informal sector had not been paying taxes to the government, adding that the kick-off of the exercise would unlock the tax potentials of the sector in the state.
Norte said his organisation was in dire need of branded kiosks for point of sales transactions across the 23 local councils of the state.
He suggested the operation of the Treasury Single Account to optimise revenue generation in the state.
Representative of the Managing Director of Access Bank Plc, David Tinad, thanked the state government for the opportunity to partner on revenue generation.
The financial institution had donated 10 buses to boost the campaign.
The bank official assured the government that his company will continue to support efforts geared at improving the state’s revenue base.
No comments yet