Oil fall: KDSG to diversify economy, boast IGR- Fin Commissioner
By Alex Uangbaoje
In a bid to arrest the dwindling economy caused by the shortfall of global oil price, Kaduna State Government has evolved strategy to diversified the economy and boast the state Internally Generated Revenue (IGR).
Addressing newsmen during the post-budget briefing held at State Ministry for Local Government, the Finance Commissioner, Alhaji Samaila Aliyu disclosed that the state government has concluded plans in the 2015 budget to stop relying fully on the Federal Allocation and embarked on developing both the state Agricultural and industrial sectors to stimulate the state economic activities.
Speaking further he said, the state government also intend to boost IGR by raising tax, amends existing tax law in the state, restructuring board of Internal Revenue and modernizing tax payment by adopting Electronic Payment System (EPS) for better economic performance.
According to him Kaduna state is fully prepared and have the capacity to sustain its economy despite the shortfall in the statutory Federal Allocation.
Responding to question on anticipated fears over the continuous fall in global oil price since the Federal Budget is benchmark on Global oil price, the commissioner said the state government would block all loopholes and motivate revenue collection agencies in the state to avoid complacency.
The state government budgeted a total sum of N203,700,855,271 with a projected recurrent expenditure of N72,788,841,776 and a total of N130,912,013,495 as projected figure for Capital Expenditure