Oyo State has recorded a significant milestone in its fiscal performance, with its Internally Generated Revenue (IGR) reaching ₦65.28 billion in 2024. This achievement was disclosed by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, during the opening ceremony of the 157th Joint Tax Board (JTB) meeting held in Ibadan.
Dr. Adedeji attributed this growth to strategic reforms and the adoption of technology-driven tax administration processes. Under his leadership, the FIRS has implemented initiatives aimed at enhancing tax collection efficiency and expanding the tax base, contributing to increased revenue generation across various states, including Oyo.
In alignment with this upward trajectory, the Oyo State government has set an ambitious IGR target of ₦164.8 billion for the 2025 fiscal year. This projection is part of the state's broader strategy to finance its proposed ₦678 billion budget, focusing on infrastructure development, education, healthcare, and other critical sectors. The Commissioner for Budget and Economic Planning, Professor Musibau Babatunde, emphasized that the state aims to achieve this target by improving tax collection systems, formalizing the informal sector, and attracting both local and foreign investments through aggressive infrastructural development.
The state's commitment to enhancing its revenue base is further demonstrated by its proactive engagement with the Joint Tax Board. The Executive Chairman of the Oyo State Internal Revenue Service (OYIRS), Mr. Olufemi Awakan, has pledged continuous collaboration with the JTB to strengthen tax collection mechanisms and ensure sustained revenue growth.
Oyo State's impressive IGR performance and its forward-looking revenue targets underscore the effectiveness of its fiscal policies and the potential for continued economic growth and development in the region.
0 Comments