Ogun State has been ranked first as Nigeria’s leading Internally Generated Revenue (IGR), on Index A1, following its consistent positive performance in generating revenue.
This was made known in the State of the States 2023 report by BudgIT, which posits that states that rank higher on Index A1 have been able to grow their IGR year-on-year significantly and are progressively reducing their reliance on federal allocations.
Ogun, which beats other states to emerge as Nigeria’s most improved state on Index A1 with an index point of 0.53, is closely followed by Kaduna (0.47), Bauchi (0.41) and Rivers (0.36) in the latest ranking.
Ogun, which had, in the last four years, remained among Nigeria’s top four IGR states, coming behind Lagos, Rivers and the FCT, Abuja, has now taken the lead in the percentage of IGR growth, in its avowed desire to consolidate its position as Nigeria’s top investment destination of choice.
Reacting to the development, the Ogun State government indicated that reducing its dependency on federal allocations had been a major goal of Governor Dapo Abiodun since taking over the mantle of leadership in the state on May 29, 2019.
According to the state Commissioner for Finance, Dapo Okubadejo, the Abiodun government had made a conscious effort to increase the state’s revenue profile in the last three years by wooing local and foreign investors, enhancing the ease of doing business and facilitating rapid industrialization of the state to boost job creation and widen the tax net, among other strategies.
It will be recalled that in February this year, Okubadejo, who doubles as Chief Economic Adviser in the state, said that the state had resolved to adopt a more seamless approach to revenue generation, adding that the Ministry of Finance and the state Internal Revenue Service (OGIRS) would further synergise as well as engage stakeholders in achieving better service delivery.
He said the move became necessary given the immense developmental projects being implemented across the state, adding that it was essential to continuously expand the state’s revenue base to pave way for more people-oriented projects.
Okubadejo said that the state government was committed to providing incentives, empowering its workforce, and creating an enabling working environment for workers, advising them not to rest on their oars.
The Abiodun administration, since its inception, has embarked on legacy projects in various sectors, including road construction, housing estates, and agro-cargo airport, among other life-impacting projects and programmes.
