Members of the Ogun State House of Assembly have engaged the State Commissioner for Budget and Planning, Mr. Olaolu Olabimtan on the proposed 2023-2025 State Medium Term Expenditure Framework (MTEF) earlier transmitted to the State Legislature for consideration by Governor Dapo Abiodun, with focus on the feasibility and viability of the State finances.
The lawmakers led by the Chairman, House Committee on Finance and Appropriation, Hon. Olakunle Sobukanla held the interactive session with the management team of the Ministry at the Assembly Complex, Oke-Mosan, Abeokuta.
Sobukola in company of the Deputy Speaker, Akeem Balogun, Majority Leader, Yusuf Sherif, Yusuf Amosun, Abayomi Fasuwa, Bolanle Ajayi, Wahab Haruna and Adegoke Adeyanju, tasked the team to ensure the achievement of a more realistic budget estimate and performance that would further consolidate on the socio-economic development of the State.
Earlier in his presentation, the State Commissioner for Budget and Planning, Mr. Olabimtan, stated that the fiscal proposal was prepared with due consideration for the national economic updates including crude oil price, inflation increase, non-oil sector impact and exchange rate effect.
Olabimtan added that the State possessed so much economic potentials having being ranked fourth in revenue generation in the comity of States.
Assuring of more strategic decisions to drive the State budget from the revenue angle, rather than the traditional expenditure base approach, the Commissioner posited that the proposed medium term revenue strategy remained a more realistic policy driven model being a button up approach guided by a proper and realistic revenue strategy.
According to him, “in the medium-term, macro economic objectives shall be to ensure stability in the environment, accelerate economic growth and enhance social inclusion through employment and job creation.
Conclusively, bold and decisive action must be made to expand the focus of the Medium -Term Revenue Strategy (MTRS) to improve the revenue generation of the State. Attention will be given to the service industry and agriculture sector toward increase revenue and job creation”.