Even as Nigeria continues to make impressive economic recovery in the wake of the recent economic crunch which was largely caused by the recent outbreak of the Covid-19 pandemic, Ondo State has not been left out in facilitating this recovery growth through its increasing internally generated revenue.
In the just released economic report by the Economic Confidential Annual State Viability Index (ASVI) 2020, Ondo State was ranked 9th out of the 36 States of the Federation in terms of Internally Generated Revenue.
With a Gross Federal Allocation of 97,113,397,577.37 in the year 2020, the Sunshine State was able to generate 24,848,466,192.88 in terms of Internally Generated Revenue leading to a 25.6% of IGR to Federal Account Allocation.
This milestone no doubt has been made possible through the viable economic template which was adopted by the Executive Governor of Ondo State, Arakunrin Oluwarotimi Akeredolu SAN which has seen the state rise from its civil service outlook to an emerging industrial giant in the southwest and in Nigeria at large.
Since the inception of the Akeredolu led administration in Ondo State, Arakunrin Oluwarotimi Akeredolu SAN has prioritized the industrial cum infrastructural revolution of the state which has to a great extent opened up the state for more economic growth and development.
The local production and distribution of goods and services has been hugely facilitated by the Ondo State Government, the creation of the Ore Industrial Hub is one which has given wits to the local production of goods and products which are of great demand within and outside the State.
Also, the Ondo State Government has continued to leverage on the role and importance of Small and Medium Scale Enterprise in the State by making funds available for their business startups.
Through the Ondo State Entrepreneurship Agency, Entrepreneurs across the state who are indigenes of the state or do business within the state have been afforded the opportunity to have a platform where they can access the resources needed to build business relationships, establish business and relationship partnerships, agree on collaborations, receive mentorship, establish exchange programs in all economic sectors that bi-laterally affect all parties positively. This initiative has in no small measure help the state generate more which has aided its IGR growth.
Also, for a State generating N700 Million naira before the inception of the Akeredolu led administration, to a State which now boast of generating an average of N2.2 billion on a monthly basis, it’s no brainier; this is a testament of the commitment of a Governor who knows his onions when it comes to building an economic stable State.
In terms of transparency, the Akeredolu led administration is rated 4th out of the 36 states of the federation by the World Bank’s Fiscal Transparency and Sustainability Index and this no doubt is a testimony to his open-door policy, one which testifies to the good use of State resources by the Ondo State Government