2012: Oyo govt targets N30bn IGR

The Oyo State government intends torake in N50 billion from the statutory allocation as well as N30 billion from internally generated revenue (IGR) to finance the developmental projects and policies of the Governor Abiola Ajimobi-led administration.The state Commissioner for Economic Planning and Budget, Dr Olaniyi Olarinde, made this known in Ibadan, on Thursday, in an analysis of the state's N160.5 billion budget for 2012.The 2012 proposal, tagged 'Budget of Restoration,' has 54.74 per cent allocated to capital expenditure, while recurrent expenditure takes 45.26 per cent.Dr Olarinde said expected revenue from the Federation Accounts, representing 32 per cent of the total revenue projection of the state, showed a high level of dependency on statutory allocation and that the Governor Ajimobi-led administration was working to change this.According to him, one of the strategies to achieve reduction of dependence on federally shared income was to ensure that more people were brought into the tax net of the state, especially those operating in the highly unrecorded informal sector.He added that the state's monthly IGR of about N1.5 billion to N2.5billion and also block all inflow and outflow leakages and wastages with a view to saving more money to finance the N50 billion deficit of the budget.
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