The Government of Akwa Ibom, on Monday, said that with the industrialization drive of the state, the internally-generated revenue (IGR) of the state would hit N100 billion in 2020.
The state Commissioner for Finance, Linus Nkan, made the disclosure while speaking with journalists in Uyo, the state capital.
Mr. Nkan said in the last four years, four firms were initiated and became operational in the state to enhance IGR.
He listed the firms as Jubilee Syringes Manufacturing Company, Metering Solutions Manufacturing Company, Kings Flower Mill and Plywood Company and Ibom Airlines.
He said given the industrialization drive and its success story so far, the state IGR has witnessed a boost in the last two years, assuring that not less than N100 billion will be generated in 2020.
“Our efforts to boost the economy have equally boosted our IGR. That of 2019 was almost double what we got in 2018. We shouldn’t have anything less than N100 billion in 2020.
“As we are doing all these industries, they will now pay tax and those employed are also paying taxes to the government,” he said.
The commissioner added that the Governor Udom Emmanuel-led administration was passionate about transforming the state based on its five-point economic agenda.
Also mentioned was the incentives are given to over 10,000 farmers by the state government to cultivate cassava in the state, the over 20,000 bags of rice bought from rice farmers in the state and distributed to indigenes of the state during the yuletide.
According to the commissioner, the government is committed to transforming the state based on its five points economic agenda.