Budget: Oyo targets informal sector for N107b revenue in 2017

By Ismaila Akanji, Ibadan

Oyo State Government has expressed its resolve to generate a total of N107 billion Internally Generated Revenue (IGR) for the year 2017.

Commissioner for Finance, Budget and Planning, Mr Bimbo Adekanmbi, disclosed this during an interactive session on the analysis of the fiscal appropriation proposal for 2017 at the House of Chiefs, Agodi Ibadan on Sunday.

Adekanmbi said the state government was targeting the informal sector to boost its IGR, adding that the monthly projection of N5 billion in the 2016 budget had been reduced to N4bn in the face of current realities.

The commissioner who was accompanied by his counterparty in charge of Information, Culture and Tourism, Mr. Toye Arulogun and other top government functionaries explained that the informal sector is critical in the actualization of the N207,671,495,300.00 billion proposed self-reliance budget for the 2017 fiscal year.

Adekanmbi noted that in spite of the low performance of the 2016 budget, the 2017 budget was evolved from a Zero Based Budgeting approach, which made it mandatory that every Budget item (Revenue and expenditure), was only included after strong and thorough justification, emphasizing that the priority of the Oyo state government shall be on Infrastructure, Agriculture, and its entire value chain, Commerce, Industrialisation, Education and Health while other sectors would also be given necessary attention.

The commissioner lamented that the IGR, which was supposed to be the other mainstay of the state’s income performed at 20.69 per cent of the total revenue performance of the 2016 budget and about 29 per cent of the actual recurrent revenue.

He added that the state government’s efforts at improving the IGR had started with the restructuring and repositioning of the Board of Internal Revenue with the proposal of full autonomy and hoped that the effect of this (restructuring and repositioning) would be evident in the much desired enhanced IGR in the 2017 fiscal year.

The stakeholders led by the Presidents of Oyo State Markets Association and Canteen Owners Association of Nigeria, Oyo State Chapter, Alhaji Dauda Oladapo and Alhaja Amdalat Iyadunni Lawal respectively expressed support for the plan.

While speaking separately at the budget interactive session, the leaders of the stakeholders pledged their support for the actualization of the government plans and consequently urged that funds realized from the taxes collected should be channeled towards citizen-oriented projects.

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