BY GBENGA ARIYIBI
ADO-EKITI—IN a fresh move to boost its internally generated revenue, owners of private universities in Ekiti State will hence forth pay N5million registration fee and N750,000 renewal fee annually.

In the new tax regime announced by the state government yesterday, owners of private Polytechnics and Colleges of Education are expected to pay the sum N2.5 million registration fee and N500,000 renewal fee yearly.

The state Commissioner for Information and Civic Orientation, Funminiyi Afuye said yesterday in Ado Ekiti that the decisions were reached during the weekly State Executive Council, SEC, meeting.

According to him, the new tax regime was based on the memorandum by the Commissioner for Education and Technology, Dr. Eniola Ajayi, on how to involve the private sector in the development of the State.

Currently, Afe Babalola University (ABUAD) and Crown Polytechnic, both in Ado Ekiti , are the two private tertiary institutions in the State.

While explaining that private sector has a major role to play in the development of the State, Afuye noted that “payment of tax remains a cogent social responsibility of any private establishment.”

Meantime the commissioner also said in it’s bid to make the implementation of the 2011 appropriation law more effective and realizable, the state government has revised it.

The Commissioner disclosed that the review of the law is to curtail the spending on projects, adding that no project specified for execution in the Budget would be left out.

Afuye explained that the revised Budget, which the state government tagged a ‘supplementary Budget’ , will soon be sent to the State House of Assembly for approval.