The Chairman of Oyo State Board of Internal Revenue Service (OYSIRS), Prince John Adeleke, has clarified that the state’s Internally Generated Revenue (IGR) was not stable yet as according to him, the revenue base was still “work in progress.”
Prince Adeleke, who clarified the N2.7 billion collection attributed by the media to his Board in a report on Wednesday said that the state government was not ready to celebrate IGR figures yet since the revenue base was work in progress.
A statement made public on Wednesday, 6 November, 2019, by the OYSIRS boss indicated that the state government was not out to celebrate any figures, because the revenue base was still undergoing a series of reviews and reforms.
He said: “Nevertheless we are not out to celebrate any specific figure yet of the IGR attached to any month until we have achieved progressive and consistently satisfactory revenue over a sustained period.”
According to Prince Adeleke, the Governor of Oyo State, Engineer Seyi Makinde, had immediately after his appointment mandated his Board to ensure a huge turnaround of the state’s monthly revenue from an average of N1.7 billion to a minimum of N2 billion monthly, notwithstanding the vagaries and gyrations of revenue components.
He said: “We repeat that the N2 billion threshold, which is the immediate minimum IGR, which we hope for through the Oyo State Internal Revenue Service continued to be attainable. Every month, we will continue to work for increases beyond the threshold until the goal of doubling the IGR of the state to achieve a band of N4 billion is attained by December 2020.
“At this point, the OYSG will not indulge in any random celebration of any particular month’s IGR figure because our best is yet to come. Even when we cross the N4 billion mark in the months to come, this will immediately become another benchmark for higher and stronger IGR performance. We continue to draw appropriate lessons and inferences when our IGR is on the right trajectory in any month.
“On the other hand, we put in measures and constantly revise our strategies in months when we expect to do better.”
The statement further read: “Running along with our strategies of more effective and leak-proof collection, well-enhanced manpower, equipped with the right skills, determination to exploit the richness of our informal sector, embracement of the right IT solution for improvement of specific areas of collection, conscientious and results-driven leadership in the board and the Ministry of Finance, the good governance and visionary the leadership of our leader, Governor Seyi Makinde, Oyo State is poised to positively increased its IGR collection within the shortest possible time under this government. This is what we are working for. This is what we will achieve.”