Oyo state government has recorded N25.6 billion in the last nine months despite ravaging coronavirus pandemic, Governor Seyi Makinde announced.
The Governor stated this on Monday while delivering speech on the 2021 budget presentation at the Oyo state House of Assembly.
He said the state is just less than two hundred million Naira shy of the target monthly.
Last year, the Governor had promised to ensure the state is recording a monthly Internally Generated Revenue (IGR) of N3 billion.
2021 Budget Presentation bY HE Seyi Makinde https://t.co/NqinIEwqBy
— Oyo State Government (@oyostategovt) November 23, 2020
“As at September 2020, we had recorded an IGR of 25.6 billion Naira. And using the half-year figures, that represented a 26.4% increase in IGR year on year.
“We remained bullish in our approach to developing Oyo State. Let me share one of our biggest wins in the last year. You will recall that in my 2020 budget presentation, I had stated that from January 2020, we will be recording a monthly Internally Generated Revenue (IGR) of three billion Naira.
“I am happy to report to you that despite the effects of the COVID-19 pandemic on the economy, we were just less than two hundred million Naira shy of our target monthly.”
“Oyo State’s IGR is presently about 32% of actual aggregate revenue. We still have not achieved a total dependence on the state income outside of federal allocation to fund the budget. Slowly, but surely, we are getting there,” he said.
The governor said the plan is to increase the annual IGR to N102.8 billion in 2021 budget.