Due to the recent global economic challenges resulting from COVID-19 pandemic and the crash in the prices of crude oil in the international market, Ogun State government has put in place, measures to alleviate the effect of reduction in the State’s share of the monthly Federal Allocation.
A statement signed by the Chief Press Secretary to the Ogun State Governor, Prince Dapo Abiodun, stated that Governor Abiodun made this known while receiving the Interim Report of the State’s Economic Team, led by the Commissioner of Finance and Chief Economic Adviser, Dapo Okubadejo.
It indicated that the measures included; budget review, restructuring and refinancing of existing loan obligations and processing of new credit facilities to improve the State’s cash flow, while taking advantage of the more favourable interest rate regime in the country.
The statement further listed other initiatives to include, creatively shoring up internally generated revenue, eliminating leakages and aggressive cost reduction, especially, recurrent cost.
The Report, according to the statement, also recommended enhancing accountability, transparency and strengthening of Government Delivery Unit, to ensure effective delivery of projects and policies.
It added that government would prioritise spending on its focal areas such as; agriculture, healthcare, infrastructure, and other projects that would enhance the living standards of the citizenry.
The statement concluded that Government was confident that having anticipated the enormity of the economic challenges, the measures would sufficiently address the prevailing circumstances, assuring that, “there is no compromise on Dapo Abiodun Administration’s commitment to deliver on its electoral promises, as encapsulated in the ‘Building Our Future Together’ agenda, regardless of the prevailing economic circumstances”.