The Government of Akwa Ibom, on Monday, said that with the industrialisation 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 industrialisation 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.
Although the commissioner did not say how much the state generated in 2019, he, however, said the IGR for the year was twice what was generated in 2018.
“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 government,” he said.
The commissioner said the Governor Udom Emmanuel-led administration was passionate about transforming the state based on its five-point economic agenda.
He added that the state government had given incentives to over 10,000 farmers to cultivate cassava in the state, while those growing rice had also been supported.
Mr Nkan said the idea was to ensure food sufficiency, besides stepping down prices of those commodities in the market, being the stable food being consumed in the state.
He also disclosed that the over 20,000 bags of rice bought and distributed to indigenes of the state by the state government during the yuletide were grown and produced in the state.