The Governor of Oyo State, Seyi Makinde, disclosed that the State increased its Internally Generated Revenue (IGR) for this year by focusing on competitive advantage, while keeping the tax rate stable.
This was disclosed by the Governor via his official Twitter handle.
READ: Petrol price to increase as subsidies drain Government’s revenue
READ: Promotions, lay-offs as UBA effects corporate right sizing
Makinde said the increase in IGR was also possible without increasing the tax burden on Oyo state residents.
“The Nigerian Bureau of Statistics (NBS) H1 2020 report shows that our IGR grew by 26.4% amidst this pandemic. We did this without increasing the tax burden on our citizens. What we have done so far is to focus on our competitive advantage,” Makinde disclosed.
READ: Rationalize public service jobs as a means to cut costs of governance – Rewane
READ: Kaduna Government expects N4billion Galaxy mall project to generate N1.6 billion revenue annually
What you should know
Nairametrics reported last month that States in Nigeria including the Federal Capital Territory (FCT) generated a sum of N612.87 billion as Internally Generated Revenue (IGR) between January and June 2020. This was disclosed in the States IGR report recently released by the National Bureau of Statistics (NBS). Oyo State generated N17.77 billion in the same period.
READ: Minister discloses major driver of inflation rate in Nigeria