The Ogun State Commissioner for Finance and Chief Economic Adviser to the Governor, Mr. Dapo Okubadejo has reeled out strategies deployed by the State government to keep its economy glowing, in spite of the devastating effects of COVID-19 pandemic.
Mr. Okubadejo, who disclosed this during an interview with newsmen in Abeokuta, noted that the direct impact of the pandemic has led to a drop in the State’s Internally Generated Revenue (IGR) and monthly allocation from the Federation Accounts, as well as job losses, bankruptcy in companies and negative impact on supply chain among others.
The Chief Economic Adviser, however assured residents of government’s interventions, which he listed to include; debt restructuring, curbing non-essential travels, managing re-current expenditure, as well as revising the budget, in line with the challenges currently plaguing the global economy.
“We help streamline the different revenue lines and heads for each of the revenue generating agencies, assist the Consultants responsible for revenue collections in these agencies and deploy technologies that will aid efficient collection of the revenue while blocking leakages. We also drive monitoring, enforcement and compliance, help the MDAs to maximize their revenue potentials, by identifying other areas where they can generate revenue”, Okubadejo said.
Speaking on revenue optimization initiatives put in place in the last one year by the present administration, to ensure accountability and transparency, the Commissioner said, “We have implemented Public Financial Management Reforms and Treasury Management Solution (TMS), to help ensure accountability and transparency in our finances, by giving us a single view of all our bank accounts and positions. Electronic Pay-out has also been implemented, as well as a medium term expenditure framework that helps conduct planning in medium term horizon, rather than doing planning on yearly basis”.
Other areas of achievement by the Ministry as enumerated by Okubadejo were; the passage of Investment Promotion Agency Law 2019 and Public Private Partnership Law 2019, both of which were accented to by Governor Dapo Abiodun in December 2019.
The Chief Economic Adviser added that the Compliance Department have been revamped to be more effective in enforcement, while the Treasury Management Process was being reviewed and re-engineered, as priority was given to Co-ordination of Development Partners, to help in the management of their activities across multi-lateral agencies in the State”, he said.