Cashless policy pushes Ogun’s revenue by 200%

With partial adoption of cashless policy that was introduced in 2012 by the Central Bank of Nigeria (CBN), the Ogun State government said its internally generated revenue (IGR) has recorded 200 percent increase.
The state government noted that adoption of cashless policy in some state ministries, departments and agencies (MDAs) has made financial leakages impossible and other financial transactions of government easier, thereby boosting the revenue generation.
Speaking on Monday, while sharing activities of the Ministry of Finance with participants of the Institute of Security Studies (ISS) at Oke-Mosan in Abeokuta, Kemi Adeosun, state commissioner for finance, noted that the state was able to execute various developmental projects based on improved IGR.
The commissioner, who was represented by Ajibola Chokor, permanent secretary in the ministry, said plans are underway to source for more revenue by extending cashless policy to the outstanding ministries and agencies (MDAs) in order to block leakages, enforce registration of revenue consultants with the Ministry of Finance, monitor and create an enabling environment to voluntarily attract local and foreign investors, among others.
Adeosun said the ministry has continued to formulate economic policies geared towards repositioning the state as well as improving on the existing process and systems to support the present administration of Governor Ibikunle Amosun’s ‘Mission to Rebuild’ the state.
The commissioner attributed the success recorded in the area of increased IGR to some measures put in place at the inception of this administration to block leakages, adding that introduction of cashless policy in the state’s tertiary institutions in August 2012 and extended to MDAs and General Hospitals has brought about 200% increase in IGR.
She added that the introduction of residency rule whereby the workers residing in Ogun State but working in Lagos State would be remitting their taxes to the state had also brought tremendous achievements to the state tax net, just as she said the present administration would not relent in providing conducive environment for investors.

[Business Day]

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