The Nigeria Governors’ Forum has launched a Public Finance Database that will improve an efficient tax and revenue generation system at the sub-national levels.
Chairman of the Forum and Governor of Ekiti state Dr. Kayode Fayemi inaugurated the database at the 8th Internally Generated Revenue Peer learning event organized by the Nigeria Governors’ Forum in Abuja.
The Chairman and Governor of Ekiti state Dr. Kayode Fayemi said the negative impact of the covid 19 on the economy and fiscal revenue outlook presented a significant opportunity for the states to re-strategize their revenue generation drives.
Represented by the Governor of Nassarawa state, Abdullahi Sule, Governor Fayemi explained that internally generated revenues of states grew from 1.3 trillion naira in 2019 to 1.6 trillion in 2021 and urged states to sustain the momentum considering the decline in federal allocation.
The Executive Director, Federal Inland Revenue Service, Muhammad Nami described tax as one of the most sustainable sources of revenue and maintained that Nigerians would be happy to pay taxies if it was utilize to promote their wellbeing.
On his assessment, The world bank country Director in Nigeria and central African region, Shubham Chaudhuri described the current economic realities as challenging and pledged to continue to supporte Nigeria to achieve economic reforms.
The Director General, Budget office of the Federation, Dr. Ben Akabueze said every state has the capacity to improve her revenue drive and advocated a unified tax system that would improve the economic growth.
In an address the Director General of the Nigeria Governors’ forum Mr. Assishana Okauru explained that the new portal would host a comparable annual data on government spendings, revenues and financing, in all states to promote public financial management and service delivery.
