Tuesday, June 3, 2014 5:18 pm
Abuja – The Senate on Tuesday approved the establishment of the Federal Capital Territory Internal Revenue Board (FCTIRB).
The approval followed the passage of the (FCTIRB) Bill on the floor of the Senate
The bill, sponsored by Sen. Smart Adeyemi (PDP-Kogi), seeks to give legal backing to the establishment of the FCT Internal Revenue Board for collection and administration of the revenue generated within the FCT.
The Senate passed the bill 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 President of the Senate, 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 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 everything possible to have alternative revenue sources.
“Though oil is good but if we have additional funds coming from some other sources, it will help us a great deal in meeting up with the expectation of the people.
“So, this bill is a step in the right direction by the FCT and we recommend it to every other level of government,” he said.
The sponsor of the bill, Adeyemi said with its passage, the FCT Revenue Board would help to generate additional funds 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 passage of the bill, the FCT authority would be able to generate revenue internally and that would 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 said.
The bill is expected to get the concurrence of the House of Representatives before being forwarded for presidential assent.
Meanwhile, the Senate will on Wednesday vote on the amendment to the Electoral Act, 2010 as part of the Review of the 1999 Constitution.