OGUN SEEKS SUPPORT OF FINANCIAL INSTITUTIONS ON 2022 REVENUE TARGET

  OGUN SEEKS SUPPORT OF FINANCIAL INSTITUTIONS ON 2022 REVENUE TARGET

Ogun State Government has said that banks and other financial institutions are critical stakeholders in achieving its 2022 revenue targets.

The State Commissioner for Finance and Chief Economic Adviser to the Governor, Mr. Dapo Okubadejo stated this in Abeokuta during a meeting with divisional heads and operation managers of banks and other financial institutions.

Okubadejo said it was imperative for them to key into the various innovative ideas and financial management reforms of the State government, aimed at broadening the revenue base and ease of doing business.

He noted that the adoption of digital transformation initiatives, such as full implementation of the treasury management system, digital payment system, billing and payment management system, as well as creation of the Ogun State Land Administration and Revenue Management System (OLARMS), among others had helped blocked  leakages and increased  Internally Generated Revenue (IGR) .

The Commissioner said with the buy-in of the innovations by the banks, the State would not only meet but surpass its current revenue targets.

“Last year, we were able to realise about N100bn in IGR from N50bn in 2020 as a result of COVID-19. When you understand precisely what has been done to achieve that, you will know that it cannot be the efforts of people in government alone. It was through the cooperation and support of our people.

“Due to the fact that IGR has a direct bearing on mode of payments from our tax payers, all we are trying to do, as part of our efforts in creating enabling environment for business is to make it easy for tax payers to be able to pay their taxes in the comfort of their homes and at their own time”, the Commissioner said.

Responding on behalf of the bankers, Mr. Adeniran Oladele from First Bank of Nigeria applauded the government for the various reforms and promised to collaborate with the State to achieve its set targets.

 

Kunle Sokunbi,

Press Officer, Ministry of Finance.