The Ogun state internal revenue service says it proposes to generate N120.9 billion independent of other state government’s revenue sources in 2025.

The chairman of the board, Olugbenga Olaleye, disclosed this on Friday during the defence of the board’s 2025 budget proposal before the state assembly committee on finance and appropriation, led by Musefiu Lamidi.

Mr Olaleye listed the revenue sources to include personal income tax and Pay As You Earn, direct assessment (businesses), withholding taxes and stamp duty.

Other sources are pools betting and casino licence, development levy, road taxes, tax investigation, motor vehicle licence and other registration. 

Earlier, the committee commended the state commissioner for budget and economic planning, Olaolu Olabimtan, for his “ingenuity and commitment” in the ongoing process of the 2025 budget proposals.

Mr Olabimtan presented a budget estimate of N2.35 billion expenditure for the board.

He said that the expenditure comprised N227 million for personnel costs, while overhead and capital expenditures would gulp N1.24 billion and N883 million, respectively.

Also, the ministry of finance, represented by its permanent secretary, Adesina Towolawi, presented a budget of N11 billion. 

Mr Towolawi said that the expenditure comprised N2 billion for capital expenditure and N8.9 billion for recurrent expenditure.

He said that the ministry proposed over N17 billion as expected revenue for the fiscal year.

The House, led by the Clerk, Sakiru Adebakin, and Assembly Service Commission, also defended their budget proposals before the lawmakers.

 (NAN)