- Imo State generated a low amount of Value Added Tax (VAT) in the first quarter of 2025, mainly due to factors like insecurity, bad infrastructure, over-reliance on government jobs, lack of industrialization, and an informal economy.
- To improve the situation, suggestions include making the state safer, encouraging small businesses and investors, fixing roads and electricity, formalizing informal traders, supporting local goods, working with the private sector, training youth, and promoting transparency in VAT usage.
- Additionally, the OKOBI initiative, which encourages families to start small businesses together, is helping create jobs, promote teamwork, support the local economy, bring informal businesses into the system, reduce dependence on government, and increase revenue generation for Imo State
Advertisement
No comments yet
Be the first to share your opinion!