February 28, 2024

Oyo State governor, ‘Seyi Makinde, has reiterated that his administration will continue to support investments that add value and contribute towards expanding the economy of the state.

He gave the assurance on Tuesday while commissioning the Premium Trust Bank located in Adamasingba, Ibadan, noting that the state is ready to expand its economy by tapping into solid minerals, the main resources in the state.

Governor Makinde, who noted that his government had been able to bridge the gap between the leadership and the led, maintained that Oyo State is ready for business, having grown its Internally Generated Revenue from N1.8 Billion in 2019 to about N3.8 Billion and with its eyes set on N10 Billion monthly IGR in the not too distant future.

He advised the management of the bank to collaborate with the state government in its effort to grow the economy of the state, saying: “This is significant indeed, because Premium Trust Bank has come to the right place. Making this place a regional office is also the right step in the right direction, because Oyo State, as far as the non-oil economy is concerned, should, at least, be the number three non-oil economy.

“This is a state that is expanding its economy. If we are not next to Lagos, we should not be far away from Lagos and we are yet to tap into the main resources of Oyo State, which is solid minerals.

“Under our first tenure, we focused the expansion of our economy on the development of infrastructure, and agribusiness. But for this second tenure, we have added two additional pillars, which are solid mineral development and tourism. So, you have come into an economy that is expanding.”

The governor indicated that the state has been able to attract different big businesses due to its commitment to infrastructure building, noting that the new bank will benefit from the recent award of the contract for the reconstruction of Dugbe-Ojoo Road, among others.

He equally tasked the new bank to key into his government’s plan to grow the informal sector of the economy by collaborating with the Oyo State Board of Internal Revenue.

“We are ready for business in Oyo State and ready for partners. When we came in, we met an IGR of about N1.8 Billion and we took it to N3.8 Billion and our target is to be at N10 Billion monthly but people will have to help us. We cannot do it by magic, as it will come from real partnerships and people adding value to expand the economy.

“For us, the informal economy is bigger than the formal economy and we are struggling. So, one of the ways I think you can immediately add value is to have a sit-down with our Bureau of Internal Revenue and see what you can do to support us in expanding our non-formal economy without raising taxes on the people.

“We want to bring in many people into the tax net but we also know what we are faced with economically. So, you will all have to pitch in, work with us and I believe we can fashion out a mutually beneficial relationship. Be creative and we will work with you,” the governor added.

Earlier in his opening remarks, the Managing Director/Chief Executive Officer, Premium Trust Bank, Mr Emmanuel Emefienim, lauded Governor Makinde, describing him as a man of many parts.

He added that the Premium Trust Bank is strategically located in Oyo State to improve lives, build communities and work closely with the state government to empower the people, adding that Ibadan would experience new waves of banking relationships and banking partnerships.

Signed

Sulaimon Olanrewaju

Special Adviser to Oyo State Governor

December 12, 2023.

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