The Ogun State government has said banks and other financial institutions are critical stakeholders in achieving its 2022 revenue targets.

The State Commissioner for Finance and Chief Economic Adviser to the Governor, Mr. Dapo Okubadejo stated this at a meeting with divisional heads and operations managers of banks and other financial institutions in Abeokuta.

He said it was imperative for them to key into the various innovative ideas and financial management reforms of the state government aimed at broadening the revenue base and ease of doing business. 

He noted that adoption of digital transformation initiatives such as full implementation of the treasury management system, digital payment system, billing and payment management system as well as creation of the Ogun State Land Administration and Revenue Management System (OLARMS) among others, had helped in blocking revenue leakages and  increased its Internally Generated Revenue (IGR).

Okubadejo, in a statement signed by the Ministry of Finance Press Officer, Mr. Kunle Sokunbi, enthused that with the buy-in of the innovations by the banks, the state would not only meet but surpass its current revenue targets.

“Last year, we were able to achieve about N100bn in IGR from N50bn in 2020 as a result of COVID-19. When you understand precisely what has been done to achieve that, you will know that it cannot be the efforts of people in government alone. It was through the cooperation and support of people like you.

“And because IGR has a direct bearing on mode of payments from our tax payers, all we are trying to do, as part of our efforts in creating enabling environment for business is to make it easy for tax payers to be able to pay their taxes in the comfort of their homes and at their own time”, the Commissioner said.

Responding on behalf of the bankers, Mr. Adeniran Oladele of the First Bank, commended the government for the various reforms and promised to collaborate with the state to achieve its set targets.