This was made known during a training session jointly organised by the Ministry of Finance and Budget and Planning on the preparation of the Medium-Term Revenue Strategy (MTRS) in Abeokuta.
Declaring the training open, the Special Adviser to the Governor on Budget and Planning, Mr. Olaolu Olabimtan highlighted the need for each MDAs to actively formulate policies and strategies for improving revenue generating capacity, as this approach would ensure that revenue targets are met, budget performance improved and sustainable development goals are achieved.
According to him, the agencies need to adopt a proactive approach and explore innovative solutions to increase revenue streams, emphasizing the need for robust collaboration between the MDAs and relevant stakeholders, including the private sector, to identify untapped opportunities and develop effective revenue generation strategies.
Olabimtan noted that with the development of the Medium-Term Revenue Strategy (MTRS) and Medium-Term Expenditure Framework (MTEF), Ogun State is poised to strengthen its revenue generation capabilities and allocate resources efficiently, adding that the government's proactive approach and collaboration with the MDAs are expected to pave way for a prosperous and sustainable future for the state and its residents.
In his welcome address, the Permanent Secretary, Ministry of Finance, Mr. Adesina Towolawi, said the training session was premised on the need to equip the participating agencies with the skills and knowledge needed to prepare MTRS policy documents and develop strategies aligned with the state's goals.
He enjoined them to look inwards in terms of administrative and institutional reforms, as well as support and engagement that may be necessary to achieve the Medium-Term Expenditure Framework (MTEF).
In his contribution, one of the resource persons, who also is the Director of Planning in the Ministry of Budget and Planning, Mr. Akinyemi Otunuga, stressed the relevance of devising strategies targeted at increasing revenue generation and setting realistic estimates, saying effective use of Information Technology, Capacity Development, and Stakeholder Engagement are panaceas for the development of policy document.
