Taraba Govt to focus on Revenue Generation, complete ongoing projects in the state.
By Christiana Babayo, Jalingo
The Taraba State Government has shown commitment towards stepping up attempts to mobilize Internal Revenue as well as complete all ongoing projects in the state before the end of the Rescue Administration.
Taraba State Commissioner for Budget and Economic Planning, Hon Solomon Elisha disclosed this on Wednesday in a press conference held at the state capital to dissect the 2023 Budget.
According to Elisha, the State government has put in place modalities to improve on revenue generation through blocking of leakages, emphasizing on new sources, creating fiscal space for infrastructural development and strict monitoring and evaluation.
He said this is a deliberate effort by the state Government to focus more on revenue generation so as to reduce dependence on the federal Allocation as well as complete all ongoing projects before the administration takes a bow.
Elisha further revealed that the State government has factored in control of Value Added Tax (VAT) as measures to boost independent revenue to finance the 2023 budget.
“As at September 2022, the 2022 budget had already recorded over 60% performance from the annual performance projection of 75% and we are optimistic that by the time the last quarter performance will be fully collated, the budget may have overshot the target performance.
“The State was able to generate N11.030 billion in 2022, the highest Internally Generated Revenue in the state and the State is also projected to generate N19.388 billion by end of 2023.
“The State government is going to be in charge of collecting VAT. Also, to finance the 2023 budget of N173.234 bn, the sum of N73.371bn is expected to come from the share of statutory allocation, while N19.388bn is the projected independent revenue including VAT”
While pointing out that the budget was prepared in accordance with the National Chart of Accounts (NCoA), a practice obtainable across the country, Elisha reiterated that the budgetary provision will be used to complete ongoing projects and also provide a framework for the new administration to build on.
