Against the backdrop of the global economic recession necessitated by the COVID-19 pandemic, the Ogun State government said it has achieved ninety per cent of its mid-year revenue target as of June 30.
This was disclosed by the State Commissioner for Budget and Planning, Mr Olaolu Olabimtan, during the overview and breakdown of the 2022-2024 Medium Term Expenditure Framework (MTEF), for the state at the plenary of the state House of Assembly.
He explained that the state is already on a steady path to economic recovery.
Olabimtan revealed that out of the N60 billion Internally Generated Revenue (IGR) target set for the mid-year, the government had already talked in N54.8billion representing 90.02 per cent as of June 30, 2021.
He noted that efforts are in top gear to make more agencies efficient to boost the revenue capacity of the state, saying before now only 14 agencies of government-generated 90 per cent of the revenue of the State presently while about 10 more agencies are being repositioned and co-opted into the Medium-Term Revenue Sectoral Strategy (MTRSS) of the state.
Speaking on what the government is doing to ensure a realistic revenue collection for the state through the revenue-generating agencies, Olabimtan said, “Our revenue strategy outlooks prioritizes tax to Gross Domestic Product (GDP) ratio in the allocation of revenue projection to MDAs for more efficient and probable revenue receipts to avoid undue budget deficits.”
The Speaker, Ogun State House of Assembly, Rt. Hon. Olakunle Oluomo urged the government to begin to put in place necessary provisions in the budget in anticipation of the financial autonomy for the Legislature and Judiciary saying the current budgetary allocation does not accord the two arms due to financial backing.
Oluomo also called for quick implementation of the tax audit law informing that the Legislative arm has passed the bill to the executive for assent while he urged the budget ministry to expedite action on the preparation and presentation of the 2022 budget for timely passage.
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