The Ogun State Internal Revenue Service (OGIRS) has announced its projection to generate N120.9 billion in 2025, independent of other state revenue sources.

The board’s chairman, Olugbenga Olaleye, revealed this on Friday during the defence of the agency’s 2025 budget proposal before the State Assembly Committee on Finance and Appropriation, chaired by Musefiu Lamidi.

Olaleye outlined key revenue sources, including personal income tax, Pay As You Earn (PAYE), direct assessments for businesses, withholding taxes, stamp duties, and development levies. Other sources include pools betting and casino licences, road taxes, tax investigations, and motor vehicle registration fees.

Meanwhile, the State Assembly Committee commended the Commissioner for Budget and Economic Planning, Olaolu Olabimtan, for his dedication and innovative approach to the 2025 budget preparation process.

Olabimtan presented a proposed expenditure of N2.35 billion for the revenue board, which includes N227 million for personnel costs, while overhead and capital expenditures are projected at N1.24 billion and N883 million, respectively.

Separately, the Ministry of Finance, represented by its Permanent Secretary, Adesina Towolawi, presented a proposed budget of N11 billion. Towolawi highlighted N2 billion allocated for capital expenses and N8.9 billion for recurrent expenditures. The ministry expects to generate over N17 billion in revenue for the fiscal year.

Additionally, the Clerk of the House, Sakiru Adebakin, alongside the Assembly Service Commission, also defended their budget proposals before the legislators.