State and Local Govts | |
State and Local Govts | |
3840 VIEWS | |
![]() |
Monday, November 04, 2019 /08.30PM /
Teslim Shitta-Bey, Managing Editor/ Header Image Credit: Ecographics
In a
Technical Review of Ogun State's Financial Status in April 2019, Proshare noted
that the State would need to revise its fiscal strategy to enable it leverage
its advantage of location, education and arable landmass. The report noted that
with the state's close proximity to Lagos State and its relatively large
physical size (80% of the Lagos-Ibadan Expressway passes through the State) and
its status as home to the largest number of tertiary institutions in the
country, the favourable alchemy of factors working to support the State's
aspiration of being Lagos 2.0 should increase its revenue capacity.
In a recent strategic paper analyzing the collaboration between Lagos and Ogun States in respect of a Joint Development Commission, Chairman Proshare Nigeria, Mr. Olufemi Awoyemi, noted that, "The focus on and around trade, investments and industry is guided by three anchors: trade facilitation and agreements, ease of doing business; and the economic growth and well-being of citizens.
The engagement, in fulfilling its natural intent, looked at sovereign governance and productivity around these anchors for these contiguous states. This is a very good prism with which a fit-for-purpose conversation around sub-national productivity and economic well-being can be approached."
Indeed, Ogun States natural inclination
would be towards working on the contiguous areas around Lagos State and
building integrated urban industrial/housing development frameworks that allows
the State jumpstart its Internally Generated Revenue (IGR).
The Lagos 2.0 Initiative
In the report written in April this year titled, "Ogun State; The Debt Trap, Leaning Against The Wind", a number of facts became evident;
The State Government had IGR that was low relative to its potential size, its VAT collections in particular were far below its most efficient possibilities
Table 1 Ogun State Annual IGR 2013-2018 (N'bn)
Table 2 Ogun State FAAC Allocation 2013 -2018 (N'bn)
Table 3 Ogun State Domestic Debt Profile 2013-2018 (N'bn)
A Feel For The Numbers
A few other statistics create some clarity over the state of the Ogun fiscal finances in the last six years, a set of numbers and tables appear below:
Table 4 Ogun State
Average Monthly FAAC Allocation 2013-2018
Table 5 Ogun State Debt Profile 2015 and 2016 (N')
Table 6 Expenditure Review
-January-September 2017
Strategic Fiscal Realities
The process of bringing about the next phase of a technology-driven, efficient and effective Ogun State government will take time and effort, but the consequences (intended and unintended) in the next decade will redefine the age of fiscal enlightenment and economic wellbeing in the centre piece of Nigeria's industrial heartland.
Related News
1. Lagos-Ogun Partnership for Economic Development - Thoughts
on What Is Possible
2. Ogun Assembly passes 2019 budget - Punch
Newspapers
3.
Dapo
Abiodun Announces Ogun State Economic Transition Committee
4. 2018: Education gets 23% as Ogun governor
presents N345 billion - Premium
Times
5. Ogun State proposes N221. 119b budget for 2017 |
The Guardian
6. Amosun presents N200bn 2016 appropriation bill
to Ogun Assembly - Vanguard
7. FAAC Disburses N660.37bn in February 2019
8. FAAC Disburses N649.19bn in January 2019
9. Analysis of FAAC Disbursements in 2018 and
Projections for 2019
10. FAAC Disburses N3.19trn To FG in 2018 - NBS
11. FAAC Disburses N2.38trn To FG in 2017 - NBS
12. Lagos State Accounts for 34.17% of Foreign Debt
As At June 2018 - NBS
13. States Generate N264.38bn as IGR in Q3 2018 - NBS
14. States Generate N579.49bn as IGR in H1 2018 - NBS
15. No Choice for States But to Boost IGR
16. State of State's GDP: Much Ado About The Maiden
State GDP Report?
17. NBS Publishes 11 States Nominal GDP from 2013 to
2017
18. Moody's: Nigerian States' Own Revenue Generation
is a Key Credit Differentiator
19. State of States 2018 - Lagos Dropped From 2nd to
4th Place on The Fiscal Sustainability Index
20. Communique Issued At The End Of Ogun State
Education Summit 2017
21. Ogun State: Gboyega Isiaka finally replies
Governor Amosun's Gateway Holdings Claims
22. Deconstructing the Debt Profile of Ogun State as
at May 2011
23. Gov. Amosun Set to Convene Inaugural Ogun State
Investors' Forum
24. Ogun State 2012 Budget Breakdown
25. SEC confirms Ogun State N50 billion Bond
26. Ogun State to issue Bonds on NSE
27. Updated 2017 IGR Report - Osun State Grows IGR
by 32.04% in FY 2017
28. States' Finances Under Heavy Pressure
29. States Generate N931.23bn as IGR in 2017 - NBS
30. NOW OUT! - 36 States & FCT Economic Report
plus Estimated 2016 States GDP, Well-Being Profiles
31. Lagos, Rivers Top IGR for Full Year 2016
32.