Aareonakakanfo:
This thread is specifically for any positive news coming from the south-west so we can discuss.Please lets endeavour to keep up this page


Cc okutanla,wytecat,WIZGUY69,segend,ayekooto,coolitempa,scholes0,FFKfuckedBIANCA,alaoeri,cool83


You guys should help me name the rest

WIZGUY69:
I like the way OIC is using Wema Bank.
it shows we should patronize our own first, living by example.

WIZGUY69:
Lalasticlala.
if you can take it to FP for publicity sake.

coolitempa:

Great thread...
Superstar1, Pentiumpro, MrMba, Eshinwaju..

Aareonakakanfo:




Frontpage ke.This is not a topic,its long term

Oyo IGR potential beyond N7bn — Adesina

September 23, 2015

Olawuwo Adesina, coordinator of the Oyo State Stakeholders’ Forum, speaks with NURUDEEN ALIMI, on the options available to the state government to maximize its Internally Generated Revenue (IGR).


As the coordinator, Oyo State Stakeholders’ Forum, can the state government generate more revenue, considering that you recently said the state short changed itself by poorly harnessing its IGR potential.

There is the need for Oyo State to develop a comprehensive IGR improvement strategy. Government must seek to broaden IGR base and bring critical innovation to the traditional sources such as taxes, fines and fees, licenses, earnings and sales, rent on government properties, interest and dividends, reimbursable, and miscellaneous as mainstay of its IGR. I fervently believe that Oyo IGR initiative should be industry driven. If Lagos State could earn close to half a trillion in IGR and Ogun State is already talking of netting N10 billion in IGR every month as from this year, Oyo State can go ahead and simulate Lagos and replicate its economic model. It is what Ogun State is doing. If Ogun can build its industrial drive on its proximity to Lagos, we can do the same.

There is no reason the state government should not expedite action and complete the inland container depot otherwise known as dry port, at Erunmu on its own and make it functional. Oyo State is one of the eight beneficiaries of this elaborate project which is capable of creating jobs in abundance and localising activities of shippers and their partners in the state. The value chain here is elaborate. We can imagine the upsurge of economic activities it will bring to the state. All these will translate into high taxes and rates. Fast tracking completion of the dry port is like bringing the Apapa Wharf or the Tincan Island Port to your backyard. Also vast natural resources waste away across the state.

The government should, as matter of urgency, conduct an inventory of raw materials including mineral deposits available in all the 33 local government areas and get investors to tap into them. I am aware the state has mineral potential that can be capitalised upon. The state government can use its nexus with the APC federal government to resuscitate the marble industry. It is a disservice to use the moribund Leyland plant as school.

The state government can begin to tap into industrialisation by getting foreign consortium to resuscitate the plants and many others that dot the state land space. The state government by now should evolve strategy to encourage the emergence of the Ogunpa/Agbeni commercial axis of Ibadan as West African market and spell out its full potential so that it can compete with Idumota in Lagos.

A deliberate government policy can achieve utmost commercial viability of the area. Perhaps I should tell you that the quantum of money circulated in the Idumota commercial precinct is much more than what the commercial banks have in their vaults. The international market in Ogbomoso is also grossly underutilised.

I am happy the governor noted sharp practices in the administration of the IGR. I will suggest government puts a ceiling of not more than 10 percent of IGR to defray operational cost. This should be accompanied by clearly spelt out indicative implementation plan, the purpose of which is to set the direction for the way forward and to guide the IGR board in its development of a detailed implementation plan.

So, what is your take on the state initiative to increase the IGR to N7 billoin monthly over the next four years?

There are two things you do when it is about to rain. You will pray that the rain tarry and you will also quicken your step. That is what Governor Abiola Ajimobi is doing right away with the issue of IGR and overall finance portfolio of Oyo State. He hinges hope on subvention and improved allocation from the federal government and at the same time, he is working assiduously to boost the IGR generation. So the governor has no option other than to pursue a re-engineering of the state economy as he has begun. He seeks to cut on expenditure by reducing number of ministries to 15 from 23. But this has effect on what is paid to political appointees and not workers whose wage bill in the last four years has increased by close to 100 percent as the governor continues to increase salaries of workers and institute welfare packages.

As a government with human face, the governor is not considering retrenching the workforce; instead government is concerned with the option of increasing revenue base of the state. Presently, Oyo State is generating an IGR of N1.2 billion and the government plans to increase it progressively to N2.2 billion by 2016, N3.6 billion by 2017, climaxing at N6.1 billion by 2019. But ideally, the government is thinking of N7.6 billion to put the state on a sound financial footing, but I still take this as the state short changing itself. The state can generate far more than this right away. The state can accrue as much as Ogun State in terms of IGR which should be around N10 billion per month. As a pace setter state Oyo should rank as one of the ten highest IGR states in the country. This is more so because IGR has become a critical fiscal enhancement tool for states in recent times amid dwindling oil revenue from the Federation Account. You are aware that federal allocations had been dwindling since 2011 leading to a worsened extent that many states found it difficult to pay their workers.

Oyo State should be able to generate revenue exceeding the allocation from the Federation Account by seeking to make Oyo State the economic hub of the nation ahead of Ogun State. The state can attract and retain spill over of economic activities from Lagos State.

If Lagos State could earn close to half a trillion in IGR and Ogun State is already talking of netting N10 billion in IGR every month as from this year, Oyo State can go ahead and simulate Lagos and replicate its economic model. It is what Ogun State is doing. If Ogun can build its industrial drive on its proximity to Lagos, we can do the same.

Aareonakakanfo:




They're the owners of premier hotel,wemabod estate and [i]Lagos airport hote[/i]l

OkutaNla:
Very interesting piece.

http://tribuneonlineng.com/oyo-igr-potential-beyond-n7bn-—-adesina

WIZGUY69:

Yea. I know.
I mean to show others that don't frequent politics section that might want to contribute.

Aareonakakanfo:
For those who do not know,this is the Official GDP of all southwest states.

GDP in the Southwestern Region of Nigeria
The Region contributes about 35% of the country’s GDP estimated at $180bn, out of which Lagos State contributes 72% at $129bn and other States sharing the remaining $51bn.


Ekiti ---------- N3.5bn
Lagos ------- N129bn
Ogun -------- N5.3bn
Ondo -------- N28.32bn
Osun -------- N3.54bn
Oyo --------- N8.85bn




I got this from DAWN Commission's facebook page

demelza:
Taking it to frontpage will bring them kids in here. It should be left here.
@Op Hope you've returned the female handbag you were carrying in the IPOB protests. Nice thread

Lmaooo so you still remember that .I got soo many mentions for that comment.A lot of people don't look at your name before responding

coolitempa:


Great thread...

Superstar1, Pentiumpro, MrMba, Eshinwaju..

demelza:
Taking it to frontpage will bring them kids in here. It should be left here.
@Op Hope you've returned the female handbag you were carrying in the IPOB protests. Nice thread

WIZGUY69:



Egbon!

Please recheck that of ondo again. 28b

how comes?

Aareonakakanfo:
For those who do not know,this is the Official GDP of all southwest states.

GDP in the Southwestern Region of Nigeria
The Region contributes about 35% of the country’s GDP estimated at $180bn, out of which Lagos State contributes 72% at $129bn and other States sharing the remaining $51bn.


Ekiti ---------- N3.5bn
Lagos ------- N129bn
Ogun -------- N5.3bn
Ondo -------- N28.32bn
Osun -------- N3.54bn
Oyo --------- N8.85bn




I got this from DAWN Commission's facebook page

WIZGUY69:



Gbawe.

OkutaNla:


Oga, are those figures meant to be in naira or dollars?

coolitempa:
For starters, in my opinion the completion and modernisation of the Lagos - Ibadan expressway should be prioritised. It remains the gateway to the rest of the SW. Why can't resources be pulled together by our leaders to finish this eyesore

Aareonakakanfo:




Lmaooo so you still remember that .I got soo many mentions for that comment.A lot of people don't look at your name before responding

Aareonakakanfo:
This thread is specifically for any positive news coming from the south-west so we can discuss.Please lets endeavour to keep up this page


Cc okutanla,wytecat,WIZGUY69,segend,ayekooto,coolitempa,scholes0,FFKfuckedBIANCA,alaoeri,cool83


You guys should help me name the rest