Ogun set to generate N95bn IGR in 2019

THE Ogun State government has revealed that it has perfected plans to increase it’s Internally Generated Revenue (IGR) to N95bn in 2019 as part of plans to fund the N402bn state budget for the year.

This is an increase against the total sum of N84.63bn it proposed for 2018 fiscal year noting that the monthly average revenue of the state remained at N7bn.

Chairman, Ogun State Internal Revenue Service, Adekunle Adeosun disclosed this before members of the State House of Assembly Committee on Finance and Appropriation on Tuesday during the budget defence at the Assembly Complex, Oke-Mosan, Abeokuta.

Adeosun noted that the revenue would be sourced from “personal income tax, road tax, capital gains, withholding taxes, tax investigation, pool betting/casino licence, motor vehicle and driver licences among others.

“The agency plans to improve tax revenue by 12% in 2019, 17.5% in 2020 and 22% in 2021.

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He also stated that the agency in the outgoing year had generated a sum of N45.81bn representing 64.96% of its approved revenue target for the period.

Giving a breakdown of the 2019 estimate, Adeosun said the board proposed a total budget size of N5.550bn, out of which N500m would be spent on capital projects and the remaining N5.050bn would be set aside for recurrent expenditure.

Chairman of the committee, Hon Victor Fasanya charged the board to further widen its tax base and evolve more mechanisms to block revenue leakages.

Fasanya said the revenue leakages has not allowed the state to “provide more financial resources for the delivery of more democratic dividends to the people.”