Following the effect of Covid-19 on the global economy, The Ogun State Governor Prince Dapo Abiodun has announced a number of measures to mitigate the imminent reduction in monthly allocations from the federation account.
Receiving the interim report of the state economic team led by the Commissioner of Finance and Chief Economic Adviser Mr Dapo Okubadejo, Governor Abiodun identified some of the measures to include budget review, restructuring and financing of existing loan obligations and processing of new credit facilities to improve the state’s cash flow and take advantage of the more favourable interest rate regime in the country.
Other initiatives include creatively shoring up the internally generated revenue eliminating leakages and aggressive cost reduction especially recurrent cost.
The Government would also prioritize spending on its focal areas such as Agriculture, Healthcare, Infrastructure and other projects that will enhance the living standard of the citizenry.
While expressing confidence that these measures will sufficiently address the economic challenges that may prevail. The government reassured of commitment to delivering on its electoral promises as encapsulated in the building the future together agenda regardless of the prevailing economic circumstances.
