Governor Rauf Aregbesola

Yinka Kolawole

Osun State Commissioner for Finance, Economic Planning and Budget, Dr. Wale Bolorunduro, has said the administration of Governor Rauf Aregbesola, has recorded over 100 per cent increase in Internally Generated Revenue (IGR) in the last 18 months on assumption of office in the state.

He revealed that as the state government hinted that it had identified about 38,846 buildings, which were either in deteriorating or dilapidated condition.

Bolorunduro, who spoke in Osogbo, said the administration had been able to jerk up the IGR from N300 million, which it met, to over N700 million without a change in tax rates. He noted that the feat was achieved through financial discipline and blocking of leakages through the automation of the collection and account processes.

The commissioner maintained that the IGR monthly in the state was over N700 million as against the N300 million by the previous administration. He, however, said the state government had made plans to access N30 billion bond as the first tranche from the capital market to execute essential physical projects across the state.

Bolorunduro said all necessary programme documents have been filed with the Security Exchange Commission (SEC) while all legal framework has equally been put in place to access the fund.

For government to access the fund, the commissioner contended that the Debt Management Office and Bond Issuance Law had been passed by the Osun State House of Assembly and “it has been subsequently signed into law by Aregbesola for easy access to the fund,” he added.

On the state government’s investment portfolio, which was managed by the state Investment Company Limited (OSICOL), Bolorunduro said it had hit about N1.1 billion.
The commissioner, who also spoke on the National Machinery Acquisition Scheme, noted that about N104 million had been released for the acquisition of 100 tractors for farmers in the state through the Federal Government Machinery Acquisition Scheme.

He stressed that under the scheme, the state government is expected to subsidise the acquisition of tractors by 15 per cent while the Federal Government also subsidises by 25 per cent to boost food production in the state.

Bolorunduro also said the state government had embarked on commercial agricultural credit scheme to the tune of N1bilion credit loan obtain to boost agricultural production and to reduce if nor eliminate unemployment and poverty among the people of the state.
He said the ministry had ensure effective implementation of 2012 budget with proper monitoring and control of the expenditure of government with strict budget discipline in the state.

Meanwhile, 38,846 buildings, according to the state Commissioner for Lands, Physical Planning and Urban Development, Mr. Muyiwa Ige, constituted hazards to about 148,000 people, who were living in the buildings scattered across the 30 local government councils in the state.

Speaking on the activities of his ministry, the commissioner recalled that the state government would be need about N3 billion to demolish such buildings, adding further that about N70 billion would be needed to resettle the affected people.
He stated that due to paucity of funds, the ministry would soon invite some international donor agencies to assist in solving the problem.