Cross River State has witnessed a remarkable surge in its Internal Generated Revenue (IGR) over the past year, according to recent data released by the State Internal Revenue Service (CRIRS). The state’s IGR surged from N6.3 billion in the first quarter of 2023 to N9.5 billion by the end of the first quarter of 2024, marking an impressive increase of 49% during the same period NEGROIDHAVEN has garnered.
This significant growth in revenue was attributed to the diligent efforts of the State Internal Revenue Service, which recorded an outstanding budget performance of 108% in the first quarter of 2024. The actual revenue generated amounted to N9.5 billion, surpassing the budgeted target of N8.7 billion.
According to the Executive Chairman of the CRIRS, the success in revenue generation was “primarily attributed to the continuous automation of processes and the expansion of the tax net into previously untapped areas. By focusing on reducing leakages in the system, the CRIRS has been able to enhance efficiency and maximize revenue collection”, Prince Edwin Okon disclosed.
Governor Bassey Otu, on Wednesday speaking on Prime Time on ARISE TV, commended the Cross River State Internal Revenue Service for its pivotal role in achieving the significant increase in revenue. The governor emphasized the importance of sustainable revenue generation for the state’s development agenda and expressed confidence in the CRIRS’s continued success in the coming months.
The impressive performance of Cross River State in revenue generation, according to pundits, reflects its commitment to financial prudence and economic stability. It has been posited that with a proactive approach to revenue mobilization and management, the state is poised to further strengthen its fiscal position and support ongoing development initiatives.
