_…reiterates administration does not increase tax rates_
Enugu State Governor, Dr. Peter Mbah, has revealed that strategic economic and financial inclusion policies propelled the state’s Internally Generated Revenue (IGR) from N30bn annually to a staggering N500bn, marking a 1,000 per cent growth.
The governor stated that the increase in the state’s IGR was as a result of financial creativity which was designed at expanding the state’s tax net, plugging financial loopholes, and reactivating dormant assets, adding that the administration hasn’t increased tax rates in any sector.
Mbah emphasised that Nigeria’s economic aspirations can only be realized through targeted programmes that uplift vulnerable citizens, stressing that economic expansion should not come at the expense of social welfare.
He made this assertion on Monday at the Presidential Villa, Abuja, during the inauguration of the Presidential Committee on Economic and Financial Inclusion by Vice President Kashim Shettima.
Mbah, who is a member of the committee, lauded President Bola Tinubu for the initiative and expressed gratitude to the Vice President for his nomination, pledging his commitment to the national assignment.
“Economic and financial inclusion are crucial to growth and shared prosperity. A nation is only as strong as its most vulnerable citizens. We cannot pursue economic development while neglecting the disadvantaged
“Our policies must ensure that the weakest members of society are not left behind,” Mbah stated.
Governor Mbah, who is a lawyer as well as a global financial analyst, urged industry leaders to develop innovative financial products that extend banking and financial services to marginalised communities.
According to him, bridging the digital divide would ensure greater financial participation, fostering a more inclusive economy.
Highlighting Enugu State’s revenue transformation, Mbah attributed the exponential IGR increase to financial inclusion strategies rather than higher taxation.
“As a governor, I am often asked how we achieved a 1,000 per cent revenue increase, from N30bn to over N500bn. The answer is simple: we prioritised financial inclusion. Our administration did not raise tax rates. Instead, we expanded the tax net by ensuring that more people participated in the financial system,” he explained.
He further stressed that economic growth requires deliberate planning and the implementation of well-structured policies.
He noted that sustainable development does not happen by chance but through proactive measures that integrate all segments of the society into the financial system.
“The growth we seek will not come from wishful thinking. It will be the result of carefully designed policies and programmes,” Mbah said.
He reaffirmed his commitment to the objectives of the Presidential Committee on Economic and Financial Inclusion, describing his appointment as a call to national service.
“I consider this an opportunity to contribute meaningfully to our country’s economic future. I pledge my utmost dedication to this noble initiative,” Mbah concluded.
The Presidential Committee on Economic and Financial Inclusion was inaugurated to design policies that enhance financial access for all Nigerians, particularly those in underserved communities. Experts believe that integrating more citizens into the financial system will not only boost state revenues but also stimulate national economic growth and stability.
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