As the Prince Bassey Edet Otu led administration in the state attempt to address the myraids of socio- economic challenges facing the state and enthrone a regime of sweetness through his ‘People’s First’ agenda , the role of institutions like the Internal Revenue Service (IRS) is fundamental in ensuring that the state attain optimum tax revenue collection capacity across the state and local government.
To achieve the above objective, Governor Otu after a careful consideration and scrutiny, on June 19th, 2023 appointed Prince Edwin Okon -Acting Chairman of the Internal Revenue Service (IRS) in the state
Before his coming on board, the IRS like most government institutions was bedeviled with all kinds problems ranging from multiple taxations, alleged diversion of government revenue, lack of vehicles for tax drive, low staff morale and sundry issues with it’s attendant effect on the internally generated revenue index of the state.
Such was the ugly state of affairs when Prince Edwin Okon, ACA,ACIB,MSc, MBA, a team player and corporate bank professional with experience spanning a period of over 22 years in various business concerns with proven results of having successfully managing them assumed office.
His appointment as the Acting Chairman of the IRS was well received by many due to his pedigree as a chartered banker and finance professional.
He in the course of his career had severally applied strategic and practical business approaches in designing structured trade solutions and descriptive products offerings which contributed to over 100% growth in team revenue, balance sheet and companies within the ecosystem.
From his intimidating profile, Prince Edwin Okon is eminently qualified and deserving of the position he currently occupies as the chief driver of the state’s tax policy. This position presents him a rare opportunity to take hard but necessary decisions that are expected to yield long term benefits and add immense value to the good intentions of the present administration as well as the collective prosperity of the state.
To demonstrate his preparedness to achieve success in the present dispensation, he has equiped himself with the necessary laws that spelt out his status responsibilities as provided for by section 85B of the Personal Income Tax Act of 1993 as amended.
Since his assumption of office, he has introduced a number of strategic innovations aimed at ensuring effectiveness and optimum collection of all taxes and penalties due to government under relevant laws, monitor and coordinate the collection of taxes and revenue in the state by all revenue agencies of government such as ministries, departments and agencies as well as public companies.
He has also exercised control over the management of the IRS on matters of policy, revenue assessment, collection and accounting for all taxes and revenue.
His vision include, to formulate proposals for the expansion and increase of the internally generated revenue of the state; which has already started yielded tangible results, for instance, the automation and realignment of tax processes has led to a major increase in IGR of over 20% in three months, while he targets to increase the amount to about N3billion from the N1•7billion in 9 months.
To achieve this objective, Prince Edwin Okon sees collaboration with revenue agencies, a tax friendly environment, innovative initiatives, blockage of revenue leakages, automation, harmonisation of collection of taxes and increase engagement with stake holders including tax payers and consultants as key to achieve overall success of the Sen. Prince Bassey Otu’s administration.
Added to the above is improved motivation, training and welfare of IRS staff in order for them to provide taxpayers top quality service by helping them understand and meet their tax responsibilities , enforce tax law with integrity and fairness to all.
There is no doubt that the task ahead is enormous but having a man like Prince Edwin Okon, a man who has proven himself in fiscal and monetary policy decisions and a strong banking background as acting Chairman of the Internal Revenue Service (IRS) , the state is bound to experience an upsurge in its Internally Generated Revenue.
Governor Bassey Edet Otu, deserves to be commended for appointing a man with financial pedigree as the Chairman of the Internally Generated Revenue (IGR). The enumerable results in the long term will be to the upliftment of Cross River state.
“To whom much is given, much is expected. As a man of honour, the sky is your limit”.
