Determined to reduce poverty and provide employment for citizens of the State, the Ogun State Ministry of Finance said it is ready to generate transactions that would lead to growth by collaborating with agencies involved in poverty eradication programmes in the coming year.
Mr. Adewale Oshinowo, State Commissioner for Finance, disclosed this while fielding questions from members of the State House of Assembly during the 2016 budget defence at the Assembly complex in Abeokuta.
Oshinowo, in a statement signed by the Ministry’s Spokesperson, Mrs. Abolanle Ogunlami, stated that the Ministry would welcome Poverty eradication ideas from any agency, carry out investment appraisal of such ideas and use it to boost the economy of the State.
“Investment appraisal of such transaction will be carried out, if worthwhile and of benefit to the State, it will be sent to relevant agencies to work with, thereby improving the economy of the State’’.
The Commissioner who noted that the objective of the 2016 budget was to formulate financial policy and regulation that would facilitate increase in Government revenue, enhance fiscal objectives and sound management of the finance of the State, defended the Ministry’s proposed budget of N4.143bn (Four billion, one hundred and forty three million Naira).
From the total budget, he said the sum of N3.943bn (Three billion, nine hundred and forty three million naira) would be spent on recurrent expenditure, N200 million for capital expenditure while the Ministry is targeting the sum of N10,500,000.00 (Ten million, five hundred thousand naira) as Internally Generated Revenue (IGR).
Oshinowo said the Ministry would continue to put in its best in the area of evaluation, review and enforcement of Government fiscal policies, management of Government assets which include insurance and development of statistical system that is capable of meeting information needs for the State towards sustainable development and poverty reduction.
He added that financial management including public debt management, monitoring of revenue sources and relationship with financial institutions would be vigorously pursued.
The Chairman, Finance and Appropriation Committee of the State House of Assembly, Hon. Akanbi Bankole commended the Ministry for a job well done, assuring them of the Assembly’s support in the next fiscal year towards achieving its goals and objectives.