Obasanjo: Increase in IGR, Redution in Wastage, will Boost Economy

July 26, 2016, 4:52 pm

Former President Olusegun Obasanjo on Tuesday advised federal government to increase its Internally Generated Revenue (IGR) and reduce wastage ‎in government, saying these are the immediate solution to present economic situation of the country. 

Obasanjo, who spoke in Abeokuta during a meeting with members of the Joint Tax Board led by Federal Internally Revenue Service Boss, Mr. Babatunde Fowler, said when times are hard, that is when government needs more Internally Generated Revenue, and it is also the time that those from whom the government would want to generate fund are hard to be able to get money.

He said "they must continue to try with increase as much as possible, what each state can generate in terms of Internally Generated Revenue, but states must also embark on a number of things.

"One, reducing waste. Two, they have to look into becoming slimmer, government can do a lot by looking at their own establishments. Where do they have to bring together institutions that don't need to continue to exist separately.

"And, generally, also show that the money they generate, the tax that the citizens pay are well utilised and they can show the people that, look you paid for this, and it has been well utilised'.

"I think these are some of the things we have to do to get us out of the tight situation that we are all in and we pray that the tax will role in sooner than later.", he added.

Fowler, however, said although main objective of FIRS is to raise money for government, noting that government also has to make sure they eradicate waste.

He said "tax tradition is like blood to the body, once we have funded that body with blood, the heart pumps it and the heart is the government."

He added, the government has to make sure it pumps it to all the sectors or areas of the body, meaning that those in charge of the government, once the revenue comes in, they should make sure the whole of Nigeria feels the impact of the expenditure.


Like this story? Get on the list for updates...it's FREE!.

Related News


Tuface, Annie in Benue To Support Flood Victims

The popular musician, Innocent Idibia, popularly known as TuFace, has arrived at the camp for internally displaced persons in Makurdi, the Benue St....

UEFA Extends Kit Assistance Scheme to 2022

UEFA has extended its successful Kit Assistance Scheme, which supports Europe’s smaller national associations....

We're ready to prove Judiciary wrong, says Uhuru, asks IEBC to set dates

President Uhuru Kenyatta has asked the electoral agency to announce the dates for the repeat presidential elections as soon as possible.


IEBC Made Deliberate Mistakes, NASA Lawyers Tell Supreme Court

Presidential election results declared were not based on evidence, Raila Odinga's lawyers have said, citing the mismatch of results in Forms 34....

Uber Picks Expedia's Dara Khosrowshahi As New CEO

Uber Technologies Inc chose Dara Khosrowshahi, the chief executive of travel company Expedia Inc, as its chief executive on Sunday, according to tw....