Oyo State Governor, Senator Abiola Ajimobi has said that his administration would target about N6.1billion Internally Generated Revenue (IGR) by the year 2019.
Ajimobi said this on Thursday after meeting with the state revenue agencies on the way forward from the current economic malaise.
His words: “Oyo State Government is currently generating an IGR of N1.2 billion and we hope to increase it to N2.2 billion by 2016.
“Also, by 2017, the administration is targeting N3.6 billion IGR, which represents 50 per cent increase and by 2019, we must have a revenue generating ability of N6.1 billion.
“To put the state on a sound financial footing, Oyo State Government must be generating an IGR of N7.6 billion”.
He added:“In reducing cost, one would have to retrench the workforce, but since we are not down sizing, the only option is to increase revenue base of the state,” he said.
The governor, who said that in realising this objective, the state internal revenue board would be reconstituted by September 1 for effectiveness and efficiency.
Ajimobi, while picking holes in the state’s current revenue drive, alleged under-assessment, over-assessment and fraudulent practices by agents collecting revenues for government.
He promised to also restructure the ministry, departments and agencies involved in revenue drive.
The governor said if the government must meet the amount needed for salary payment alone, all hands must be on deck to lift the state finances for the better.
It would be recalled that recently, the governor got an approval from the state House of Assembly to improve the state’s revenue profile.