Gov. Abiola Ajimobi of Oyo State on Thursday tasked revenue agencies in the state on the need to strive to attain an annual Internally Generated Revenue target of N7.6bn in order to put the state on a sound financial footing.
The Governor stated this at a meeting with the state revenue agencies in Ibadan held to explore ways of bolstering the state’s internally generated revenue and wriggle out of current financial quagmire.
The Street Journal recalls that the Oyo State House of Assembly recently passed a resolution for the executive arm to improve the revenue profile of the state.
According to Ajimobi, the state government currently generates an IGR of N1.2 billion and hopes to increase it to N2.2 billion by 2016.
He said that his administration is targeting N3.6 billion IGR by 2017, which represents a targeted 50 per cent increase, and by 2019, the targeted IGR is expected to hit N6.1 billion.
“To put the state on a sound financial footing, Oyo State Government must be generating an annual IGR of N7.6 billion,” he said.
He said that, in order to realise this objective, the state internal revenue board would be reconstituted by Sept.1 for effectiveness and efficiency.
Ajimobi who identified “under-assessment, over-assessment and fraudulent practices” by revenue collecting agents as the loopholes in revenue generating efforts of the government, promised to restructure the ministry, departments and agencies involved in revenue drive.
The governor stressed that if the government must meet the financial requirements for the payment of workers’ salaries alone, all hands must be on deck to turn around the financial fortunes of the state.