• Thursday, April 18, 2024
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Ogun grows revenue by 61.5% to N130bn

Ogun grows revenue by 61.5% to N130bn

…digitises C of O, business permits applications

Dapo Okubadejo, Commissioner for Finance and Chief Economic Adviser has said that Ogun State Government has grown its internally-generated revenue base from N50 billion in 2020 to over N130 billion in 2023, representing a 61.5 percent increase within three years.

Okubadejo, who attributed the sharp increase in the State’s internally-generated revenue base to a realistically robust revenue strategy, tagged, “The Medium-Term Revenue Strategy (MTRS)” deployed to rejig financial system in the State, declared that a lot more would be done to create more revenue sources.

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While featuring at a Guest Forum organised by the Nigeria Union of Journalists (NUJ), Ogun State Council in Abeokuta on Friday, the Chief Economic Adviser to Governor Dapo Abiodun. said that the State would explore and exploit its competitive and comparative advantages to boost the revenue and improve on the ease of doing business.

Speaking on the achievements of Dapo Abiodun-led Government in the last five years, Okubadejo stated that the State Government had simplified lands acquisition and documentation processes with digitisation of Business Premises Permits, Certificates of Occupancy (C of O) and other land title documents to further attract more investors.

He also stated that the recent establishment of six additional Economic Development Clusters (EDC) apart from existing ones across major cities in the State had further amplified the Ogun State’s status as investment destination of choice which has the largest investment hubs that make the State the industrial capital of Nigeria.

Okubadejo added that the State Government had initiated the Economic Development Clusters with the private sector partners as part of efforts to offer more economic incentives, develop essential infrastructure, improve on ease of doing business, reduce costs as well as provide companies with comprehensive support in providing power, water, security, housing, among others.

“The key initiatives include the digitalization of business premises permits and Certificate of Occupancy (C of O), as well as holistic reforms in land processes to promote transparency and streamline transactions, thereby attracting investments into the state.

“Ogun state has witnessed remarkable financial growth with our Internally Generated Revenue, soaring from 50 billion in 2020 to over 130 billion in 2023”, he said.

Earlier, Wale Olanrewaju, Ogun State Chairman of NUJ, explained that the purpose of Guest Forum is to provide a media platform through which people at the helms of affairs can interact with the people and collate feedbacks for good governance.

Read also: Ogun empowers women in financial literacy

Olanrewaju noted that Governor Dapo Abiodun-led Administration had recorded many achievements that put the State ahead of others for which ISEYA, Ogun State’s acronym for Infrastructure, Social Welfare and Wellbeing, Education, Youths Development and Agriculture, is a guiding principle.