Ogun State intends to rake in N240 billion as Internally Generated Revenue in 2024.
The Chief Economic Adviser and Commissioner for Finance, Mr. Dapo Okubadejo disclosed this during a comprehensive budget breakdown and media parley held in Abeokuta on Monday, 22 January, 2024.
The state overall budget for the year is N703 billion, which has already been signed into law by Governor Dapo Abiodun.
Okubadejo said that the budget reflects the determined vision of Governor Abiodun’s administration to foster best-in-class governance, create a conducive environment for public-private partnerships, and achieve sustainable economic development while enhancing individual prosperity among its citizen.
He emphasized that the administration’s focal points which includes the facilitation of ease of doing business, institutional reforms, development of fiscal policy thrust, and the promotion of public-private partnerships was geared at boosting the economy of the state.
He added that the budget is strategically structured around key development pillars, encompassing infrastructure, social welfare, education, human capital development, youth empowerment, job creation, agriculture, and food security.
“Ogun State is ambitiously positioning itself to become the hub for industrialization, logistics, and knowledge—an aspiration integral to achieving the status of the most economically viable state in Nigeria and Africa and with its considerable land size, proximity advantages, ongoing industrialization, and robust infrastructure, is actively creating an investor-friendly environment,” he said.
In his remarks, Commissioner for Budget and Planning, Mr. Olaolu Olabimtan emphasized the resilience and sustainability of the budget to ensure economic and financial independence for the state.
He noted that the budget would capitalize on internally generated revenue, which would give room for more capital expenditure for infrastructural development.
In his welcome address, the Special Adviser to the Governor on Media, Mr. Kayode Akinmade, highlighted the media parley as a crucial platform for journalists to engage with key decision-makers with the objective of enhancing public understanding of the state’s achievements and future plans, aligning with Governor Abiodun’s ISEYA mantra.
He underscored the administration’s commitment to various economic indices, citing achievements in ease of doing business, revenue generation, national growth, and industrialization.
Akinmade noted that the media interaction was poised to catalyze dialogue, transparency, and public awareness, contributing to the overarching goal of sustained growth and development in Ogun State.
