Anambra State Partners with CITN to Boost Monthly IGR through Tax Formalization

In an effort to increase its monthly Internally Generated Revenue (IGR) through tax payments, Anambra State has announced a partnership with the Chartered Institute of Taxation of Nigeria (CITN).

Currently, the state generates about N3 billion monthly as revenue from taxes, but with this collaboration, it aims to raise the monthly IGR to at least N4 billion by formalizing the informal sector.

The joint taxpayer education and enlightenment program organized by the Anambra State Internal Revenue Service (AIRS) in partnership with CITN took place on Tuesday in Awka.

The event focused on bringing the informal sector, which includes motorists, petty traders, freelancers, schools, and others, into the tax net.

This move is expected to help these businesses grow by providing access to government incentives, loans, free business and professional consultancy services, among other opportunities.

CITN President Samuel Agbeluyi, represented by Vice President Innocent Ohagwa, emphasized the importance of tax compliance in enabling the government to provide basic amenities to the citizenry.

He highlighted the numerous benefits of formalizing informal businesses, such as improved access to finance, value chain links, government relief measures, and reduced poverty and inequality.

Anambra State Governor Professor Chukwuma Soludo, represented by his Chief of Staff Mr. Ernest Ezeajughi, expressed support for the initiative, stating that the theme of the program was interesting and its sustenance would help to increase the state’s revenue generation from taxation.

The one-day event, with the theme “Formalising the Informal Sector: The Economic Benefits,” aimed to educate taxpayers on the benefits of tax compliance and the opportunities available to those who join the tax net.

The program also sought to identify areas where the government could improve its tax collection mechanisms and design outreach programs to engage with the informal sector.

This partnership between the Anambra State government and CITN marks a significant step towards increasing the state’s IGR and fostering economic growth by integrating the informal sector into the formal economy.