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Ogun IRS set to generate N95BN next year

Ogun IRS Set To Generate N95bn Next Year

Ogun State Internal Revenue Service says, as part of plans to fund the N402bn State  budget for the year, as against the total sum of N84.63bn it proposed for the outgoing year, it will set machineries in motion  to generate N95bn in the next fiscal year

The Chairman of the Board, Mr. Adekunle Adeosun disclosed this before members of the State House of Assembly Committee on Finance and Appropriation, led by Victor Fasanya, at the ongoing budget Defence session for Ministries, Departments and Agencies (MDAs), held at the Assembly Complex, Oke-Mosan, Abeokuta.

Adeosun noted that the revenue would be sourced from personal income tax, road tax, capital gains, withholding taxes, tax investigation, pool betting/casino licence, motor vehicle and driver licences, among others, with an emphasis that the monthly average revenue of the State remained N7bn.

He explained that the agency was planning to improve tax revenue by 12 percent in 2019, 17 percent in 2020 and 22 percent in 2021, stating that the agency in the outgoing year had generated a sum of N45.81bn, representing 64.96 percent of its approved revenue target for the period.

Giving a breakdown of the 2019 estimate, Adeosun proposed a total budget size of N5.550bn, out of which N500m would be spent on capital projects and the remaining N5.050bn would be set aside for recurrent expenditure.

Responding, Hon Fasanya harped on the need for more synergy between the Agency and the Assembly, with a charge on the Board to further widen its tax base and evolve more mechanisms to block revenue leakages, so as to provide more financial resources into the State’s coffers, for the delivery of more democratic dividends to the people.

 

Taking his turn to defend the budget proposal of the State Ministry of Finance, the Commissioner in charge of the Ministry, Mr. Adewale Osinowo presented a total budget of N5.380bn, out of which N150m would go for capital expenditure, N5.230bn would go for recurrent, with revenue target put at N2bn.

Osinowo, who also defended the Office of the Accountant General, said the Accountant General’s Office proposed a budget size of N410m, of which N310m would be for recurrent, while capital expenditure stood at N100m.

He equally defended 2019 budget proposal of the Debt Management Office.

In the same vein, the Permanent Secretary, Bureau of Cabinet and Special Service, Mr. Olufemi Kusimo defended the 2019 budget estimate of the Bureau, Political Affairs and Administration, Office of Chief of Staff, Government House and General Services, Protocol and Ceremonial, State Liason offices in Lagos and Abuja.

The Clerk of the House, Engr. Lanre Bisiriyu, equally defended the budget proposal of the State House of Assembly.

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