Dapo Okubadejo, Ogun State Commissioner for Finance has said that the State will generate a total of N240 billion out of N703 billion revenue target meant to finance 2024 fiscal estimates.
Okubadejo while speaking at the 2024 Budget Breakdown Session in Abeokuta on Monday, explained that about 70% of the N240 billion would be raised from land and housing sales, exploitation of natural resources, dividends on investments, among other sources as taxation will only account for about 30% of the taxation.
Okubadejo, who doubles as the Chief Economic Adviser to Governor Dapo Abiodun, noted that the 2024 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 growth and development while enhancing corporate and individual prosperity.
He emphasized that the Administration’s focal points which include the facilitation of ease of doing business, institutional reforms, growth and development of fiscal policy thrust, and the promotion of public-private partnerships are at geared at boosting the economy of the State.
He added that the Budget was 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.
Earlier, Olaolu Olabimtan, State Commissioner for Budget and Planning, stated the resilience and sustainability of the Budget was 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 on capital projects for infrastructural development.
But, Kayode Akinmade, the Special Adviser on Media, said that the Budget Breakdown was 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 Dapo Abiodun’s ‘ISEYA mantra’.
Akinmade underscored the Administration’s commitment to various economic indices, citing achievements in ease of doing business, revenue generation, national growth, and industrialization.
He 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.