The senate on Tuesday gave legislative approval for the establishment of the Federal Capital Territory Internal Revenue Board.The legislative approval came through the passage of the Federal Capital Territory Internal Revenue Board Bill on the floor of the Senate.
The Bill sponsored by Senator Smart Adeyemi (PDP-Kogi) is geared to legally establishing the FCT Internal Revenue Board for collection and administration of the revenue generated within the Territory.
The Bill was passed following the third reading after the clause by clause consideration of the report of Senate Joint Committees on FCT and Finance.
In a remark, the Deputy Senate President, Sen. Ike Ekweremadu, who presided over the session, urged all tiers of government to consider alternative sources of revenue to boost public finances.
“We have passed this Bill in pursuant to the Constitutional provision of the National Assembly acting as the House of Assembly of the FCT. I believe that every government, states, local governments and even the federal government must do every possible to have alternative revenue source. Though oil is good but if we have additional funds coming from some other sources, it will help us in great measures in meeting up with the expectation of the people,”he added.
So, this Bill is a step in the right direction by the FCT to which we recommend to every other level of government.The sponsor of the Bill, Sen. Smart Adeyemi said with the passage of the Bill, the FCT Revenue Board would help to generate additional funding for accelerated development of the Territory.
“Since the creation of the capital city, we have never had a revenue board and that explains why the FCT administration has all along been depending on the national budget to meet the needs of FCT.
“With the coming of the board in place, the FCT would be able to generate revenue internally and that will help to augment what is coming from the federation account. With the passage of this bill, the FCT can now generate revenue internally like other states of the federation. So, every level of government must look inward on how to generate revenue,”Adeyemi stated.
The Bill is expected to get the concurrence of the House of Representatives before it is forwarded for presidential assent.
Meanwhile, the Senate would on Wednesday vote on amendment to the Electoral Act, 2010 as part of the Review of the 1999 Constitution.