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Oyo State Govt. targets N6.1bn IGR, to reconstitute revenue board

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Governor Abiola Ajimobi of Oyo State

Gov. Abiola Ajimobi of Oyo State said that the administration would target about N6.1billion Internally Generated Revenue (IGR) by the year 2019 to get out of the present financial mess.

Ajimobi said this after meeting with the state revenue agencies on the way forward from the current economic malaise.

“Oyo State Government is currently generating an IGR of N1.2 billion and we hope to increase it to N2.2 billion by 2016.

“Also, by 2017, the administration is targeting N3.6 billion IGR, which represents 50 per cent increase and by 2019, we must have a revenue generating ability of N6.1 billion.

“To put the state on a sound financial footing, Oyo State Government must be generating an IGR of N7.6 billion,” he said.

Ajimobi said that there were two options in the restructuring effort of the administration to either increase revenue or reduce cost.

“In reducing cost, one would have to retrench the workforce, but since we are not down sizing, the only option is to increase revenue base of the state,” he said.

The governor, who said that in realising this objective, the state internal revenue board would be reconstituted by Sept.1 for effectiveness and efficiency.

Ajimobi, while picking holes in the state’s current revenue drive, alleged under-assessment, over-assessment and fraudulent practices by agents collecting revenues for government.

He promised to also restructure the ministry, departments and agencies involved in revenue drive.

The governor said if the government must meet the amount needed for salary payment alone, all hands must be on deck to lift the state finances for the better.

It would be recalled that recently, the governor got an approval from the state House of Assembly to improve the state’s revenue profile.

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