In a remarkable achievement for Oyo State, Governor Seyi Makinde has received accolades as the state’s internally generated revenue (IGR) increased to N62.2 billion, making it the third-highest IGR in the Southwest region of Nigeria. This significant milestone is a testament to the governor’s commitment to improving the state’s economic outlook and ensuring sustainable development.
According to the Internally Generated Revenue Index released by the National Bureau of Statistics (NBS) for the Southwest region in 2022, Lagos State topped the list with an impressive IGR of N651.1 billion, followed by Ogun State with N120.6 billion. Oyo State’s achievement of N62.2 billion puts it ahead of Ondo State with N32.6 billion, Osun State with N24.6 billion, and Ekiti State with N17 billion.
The total IGR for the Southwest region amounts to an impressive N908.3 billion, reflecting the economic prowess and potential of this vibrant region. Oyo State’s contribution to this total is a testament to the governor’s effective policies and strategies aimed at boosting revenue generation and promoting economic growth.
This remarkable increase in IGR is even more commendable when compared to the figures recorded in 2018 under the leadership of the late Governor Abiola Ajimobi. At that time, Oyo State’s IGR stood at a modest N24.6 billion, highlighting the tremendous progress made under Governor Makinde’s administration.
The significant increase in IGR can be attributed to various factors, including the governor’s focus on improving the ease of doing business in the state, attracting investments through Agribusiness. This has been made possible by creating an enabling environment for businesses to thrive in Oyo State.