Oyo targets N112bn IGR for 2018

Estimated revenue of N112.09 billion is to be generated by Ministries, Departments and Agencies as well as the Board of Internal Revenue (IGR) in Oyo state in 2018.

The breakdown of the 2018 appropriation proposal of N267.4billion, made available to Nigerian Tribune, on Monday, shows that the board of Internal Revenue will generate N48 billion, at a monthly IGR target of N4billion, while MDAs will provide N64billion.

Aside from the board of internal revenue, MDAs tasked to generate revenue are the Ministry of Lands, Housing and Urban Development, N40 billion; Bureau of Investment, Promotion and Public-Private Partnership to make N2.5 billion, while N2.57 billion is to come from the Health Insurance Scheme and N2.56 billion from the office of the Surveyor-General.

Furthermore, priority on expenditure for 2018 will be on Road construction to the tune of N43.7 billion, Lands, Housing and Urban Development, N11.7 billion; Education, N6.1billion; Agric, N3.8billion; Health, N2.9billion and Trade and Investment, N446.8million.

Aside from the ongoing ones, new road constructions for the year include rehabilitation of Beere-Alekuso-Agbeni-Dugbe, rehabilitation of Oritamerin-Ayeye-Inalende-Mokola road, expansion of Oke-Adu-Molete road with spur of Mapo-Oritamerin, rehabilitation of Moniya-Ojutaye-Iseyin road, expansion/rehabilitation of Beere-OritaAperin-Akanran-Gbedun-Dagbolu, expansion/rehabilitation of Apata-Bembo-Olosun.

State Commissioner for Finance and Budget, Mr Bimbo Adekanmbi who shed light on the budget estimates, on Monday, said the state premised the optimum performance of 2018 on the ongoing restructuring of the Board of Internal Revenue for improved IGR drive, pursuance of projects that will attract sponsorship from development partners, promotion of public-private partnership and be stimulating citizens’ interest in micro, small and medium scale entrepreneurship.

Speaking at House of Chiefs, Secretariat, Ibadan, Adekanmbi added that the year’s budget will be financed from unspent income brought forward from the 2017 budget of N10.41 billion, statutory allocation from FAAC/others of N94.43billion, capital receipts of N43.72billion, and transfer from Local government, JAAC and local government state pension board.

He, however, lamented that the 2017 budget failed to perform as expected, a situation, he attributed to global economic downturn and its attendant fall in federal allocation to the state.

Especially, Adekanmbi decried that the state could only boast of an Internally Generated Revenue of 16.84 percent as at September 2017 and at a monthly IGR average of N1.3billion.

Though he noted that the state did not aim at increasing tax to raise its IGR, Adekanbi said it was poised to expand the tax net to cover hitherto neglected aspects of the economy.

He, however, expressed positivity that efforts at improving the IGR will yield the desired result.

Adekanmbi spoke alongside, Special Adviser to Governor Abiola Ajimobi on Budget and Planning, Dr Kolawole Isiaka; Commissioners of Education, Science and Technology, Professor Adeniyi Olowofela; Information, Culture and Tourism, Mr Toye Arulogun; Youths and Sports, Mr Abayomi Oke.