The Plateau State Government has said it plans to generate N52bn internally for the 2025 fiscal year.
The Executive Chairman of the state Internal Revenue Service, Dr Jim Pam Wayas, disclosed this on Friday while briefing journalists in Jos on the 2024 revenue performance report and projections for the 2025 fiscal year.
Wayas noted that the revenue agency had made significant strides in revenue generation since the current administration came on board, with notable improvements in tax collection and remittances.
According to him, the state’s revenue performance had been bolstered by the Internal Revenue Service’s efforts to plug leakages and enhance tax compliance
“When this administration started in 2023, we discovered a total internal revenue generation to the tune of N3.9 billion in 2022, and at the close of the 2023 year, we were able to jerk the revenue to N5.8 billion.
“It later moved from N8.8 billion to about N25.8bn, and at the close of business last year, the revenue grew to N31.4 billion.
“And that was the first time Plateau state would achieve N30bn thresh hold in revenue generation.
“However, there is a need for us to do more because the state government has given us a N52bn revenue target in 2025.
“We started the 2025 mandate on a strong footing, and I’m happy to tell you that as of January, we have collected about N3.3bn, which is the highest we have ever collected in any given month when compared with that of last year, when we generated about N1.6n in January.
“So that shows a significant improvement in internal revenue generation in Plateau state, ” he stated.
Looking ahead to the 2025 fiscal year, Wayas outlined plans to increase revenue generation through strategic initiatives, including the expansion of the tax net, improvement of tax administration, and enhancement of revenue collection mechanisms.
The Executive Chairman also highlighted the importance of transparency and accountability in the management of state finances, assuring that the Internal Revenue Service would continue to prioritize openness and accountability in its operations.
He also emphasised the importance of collaboration between government agencies, security forces, and citizens to ensure the effective realization of their revenue target while lamenting the effect of debts on the state finances
“For the federal allocations, we realize that there is a decline in revenues that comes to the state because of the issues of debt that the state accumulated in the previous years. Most times, there are foreign debts.
“At the time those debts were collected, the exchange rate was about N440 being the highest, but presently, we know that the exchange rate has even hit about N2000 to a dollar, and we have to pay this debt in our own local currency.
“These are some of the disadvantages of collecting money in foreign currencies. Now, as of yesterday, the exchange rate for the naira is about N1,500.
“To the best of my knowledge, the federal allocations that have accrued to the state government in the past six months have come on minus because of these debts by the previous administration.
“So, the state has no option but to look inward to be able to generate revenue to serve the people, and that is why we are urging the citizens to cooperate with the government in achieving its revenue targets.
“This cooperation is crucial in ensuring that the state can fund its development projects and provide better services to its citizens.
“We can even surpass our N52 bn target for the year, and so there is the need for the citizens to pay their taxes.
“Thank God we are a government that you can trust. We have a God-fearing Governor. Trust the government and it will give you all that you need”, the chairman added.
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