The Oyo State House of Assembly has emphasized the need for the State Government to intensify efforts in improving revenue mobilization, particularly through enhanced tax policies and efficient collection systems.
This recommendation is aimed at ensuring adequate funding for development initiatives in the state.
The Oyo State House of Assembly Committee on Finance, Appropriation, and State Economic Planning, chaired by Hon. Sunkanmi Babalola (Egbeda), reviewed the State Government’s Medium Term Expenditure Framework (MTEF) for 2025-2027.
The review included an assessment of the Economic and Fiscal Update (EFU), Fiscal Strategy Paper (FSP), and Budget Policy Statement (BPS).
The Committee evaluated the MTEF document’s alignment with fiscal sustainability principles and its capability to guide effective budget preparation.
The EFU provides a comprehensive analysis of global, national, and state-level economic performance, with a focus on the petroleum sector’s implications for fiscal stability in Oyo State.
The Committee noted consistent improvements in revenue mobilization over the past six years, but challenges remain in achieving full expenditure targets.
The House urged the State Government to conduct regular assessments to monitor the MTEF’s implementation and its impact on achieving the state’s fiscal and economic objectives.
It also recommended that all Ministries, Departments, and Agencies (MDAs) align their budget proposals with the sector envelopes outlined in the MTEF to ensure fiscal discipline and strategic resource allocation.