10th December 2024, NewsOrient, News, Governance And Development, Business And Economy
From Ferdinand Okor, Editor-At-Large

As Taraba Plans To Inject $1.5 Billion Into Economy

Taraba State Government is sourcing for $1.5 billion (N2 trillion) to drive economic growth and reduce dependence on federal allocation for survival, the State Commissioner for Energy and EconomicTargets N110b IGR by 2029 Development, Naomi Tanko Agbu, said.

But the Taraba State Internal Revenue Service (TIRS) is targeting an Internally Generated Revenue (IGR) of N110 billion by 2029.

Agbu said these during an interactive session organised by the Taraba State government with critical stakeholders in Abuja and environs convened by Governor Agbu Kefas.

At the event, Governor Kefas said although Taraba State is facing challenges of insecurity and economy, it has made giant strides in several sectors.

“One of our key steps is to engage our key partners to build critical infrastructures for opportunities and enhance economic activities. As we prepare for the 2025 budget, I want to share some insights with you. We are prioritising education, welfare and infrastructure. Every kobo spent will be accounted for.

“The challenges we face are much and so are the opportunities. Taraba is not a poor state. What we need today is collective efforts. Development requires that all hands must be on deck”, he stated.

Commissioner Agbu said the State government has already commenced discussions with the ECOWAS Bank for Investment and Development; African Export-Import Bank (Afreximbank) and the African Development Bank to raise the funds.

Agbu said that the funds would be channeled into key sectors of the economy, including renewable energy, agriculture, and solid minerals.

According to her, investing in power was critical to the economic survival of Taraba State.

She lamented that about five Local Government Areas in Taraba State are not connected to the national grid.

“For the ECOWAS bank, we’ve gone to an advanced stage, and right now we’re proceeding to board approval and presentation for our approval of some of the projects that have already been detailed”, the Commissioner said.

Agbu emphasized, “For Afreximbank, We’ve commenced document exchange with them and for the African Development Bank, we’re going to continue with the engagement. And we will be meeting with the Country Managing Director of African Development Bank to further the progress of Taraba state.

“Across all these financial institutions, what is the target? And I had to pause, because when we begin to talk about numbers, I’ve told you about 10 megawatts, I’ve told you about 35 megawatts, and I’m telling you, it will cost me $1.5 million to get one watt.

“So across those financial institutions, our target is to raise not less than $1.5 billion which is over N2 trillion to inject into the economy of Taraba state.

“You might say the number is high, but if we don’t do it now, when are we going to do it? I, as a youth, a number of things breaks my heart that coming to my own home state, five Local Governments are not connected to the national grid. If we don’t do it now, we won’t be able to secure the future for our children, and I know that is what His Excellency, our governor understands keenly.”

Agbu said the State has successfully passed its own electricity law, known as the Taraba State Electricity Law 2024 which gives it power to establish its own Electricity Regulatory Commission, generation company, distribution company, rural electrification board, and electricity infrastructure provision fund.

She said this is a significant development, given that 80 per cent of Nigeria’s power is currently generated in the South, with only 20 per cent coming from the North.

The Commissioner, however said that the current allocation from the national grid is not commensurate with the needs of Taraba State.

The Chairman of the Taraba State Internal Revenue Service (TIRS), General Jeremiah Aliyu Faransa (Rtd), represented by a Board member, Theophilus Japheth, said the agency has faced numerous challenges that have hindered revenue collection to optimize its performance indices.

These challenges, according to him, included lack of professionalism, unclear policies on revenue generation, and manual Introduction modes of revenue collection.

Faransa, who is also the Chairman, Taraba State Taskforce on Environmental Protection, Public Safety and Prohibition of Land Degradation said the state is 91 per cent dependent on the Federation Account Allocation Committee (FAAC).

While explaining that Taraba generated N1.6 billion in October 2024, he expressed optimism that the state aims to earn N65 billion by 2025, N72 billion in 2026, N83 billion in 2027, N95 billion in 2028, and N110 billion in 2029.

“So this is our projection for 65 billion for next year. This is far above what has been put as target for us but because we want to drive our economy, we have to set an ambitious target for ourselves to exceed that so that when we do, we know that we are not resting on our oars”, he emphasized.

The Commissioner for Environment and Climate Change, Aishat Barde, said Taraba State government has demonstrated its commitment to environmental sustainability by allocating five per cent of the 2024 total budget, amounting to N15,766,325,366 Taraba Building Initiative.

Barde also disclosed that in combating deforestation and promoting biodiversity conservation, the government unveiled a two million tree planting campaign across nine local government areas.

The Commissioner for Education, Dr Augustina Godwin harped on the free education policy and slashing of tuition fees by 50 per cent by the state government.

She said the government recently spent N1.6 billion for the internal and external examination.

~ NewsOrient

For News, Interviews, Special Events Coverage, Advertisements, Corporate Reports, etc., Contact:
Email: Newsorientng@gmail.com

Website: https://newsorientng.com
Phone: +2348023165410; +2348064041541