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Oyo Formalizes Agribusiness Data and Input Support, but Dedicated Farmer Credit Remains Limited at Term’s End
May 23, 2024
Oyo Formalizes Agribusiness Data and Input Support, but Dedicated Farmer Credit Remains Limited at Term’s End

As the first term drew to a close in early 2023, the administration’s agricultural focus remained heavily weighted toward "input support" rather than liquid credit. Through the Oyo-CARES (NG-CARES) program, the state distributed agricultural inputs to over 10,000 farmers across the 33 Local Government Areas.  While these materials provided significant financial relief to farmers who would have otherwise needed to borrow money to purchase them, independent reports from agricultural unions indicated that the transition to a dedicated, cash-based revolving loan scheme for the general farming population was still in the works as the May 2023 deadline approached.  Earlier in 2021 and 2022, the government prioritized the data-gathering and institutional reform of the Agricultural Credit Corporation of Oyo State (ACCOS). After years of inactivity under previous administrations, a new board was appointed and the agency was recapitalized.  During this phase, the Agribusiness Development Agency (OYSADA) conducted a biometric registration of farmers to create a "clean" database, an essential step to prevent the "political farmer" phenomenon that had crippled previous loan schemes. However, this rigorous verification process meant that the large-scale disbursement of dedicated agricultural loans was deferred while the agency’s internal machinery was being rebuilt.  The foundational effort began in June 2020 with the launch of the ₦1 Billion MSME Development Fund. This facility, managed through microfinance banks, provided loans at a 9% interest rate to various business owners, including those in the agribusiness sector.  While this fulfilled the "single-digit" promise for those who could access it, the requirement for civil servant guarantors and the general nature of the fund limited its reach among grassroots smallholder farmers. Consequently, by the end of the 2019–2023 term, the administration had successfully delivered "input credit" and general business loans but had not yet operationalized a dedicated, state-wide cash credit system specifically for farmers. 

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Oyo State Government is setting up the One stop Investment Centre
May 22, 2024
Oyo State Government is setting up the One stop Investment Centre

Source: Oyo State WebsiteFollowing the passing of the Investment Promotion Agency Bill into law, the Oyo state government has moved to set up the One Stop Investment Centre in the state in partnership with the Nigerian Investment Promotion Council and PPP Agency.

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Oyo Assembly Passes Bill to Establish Investment Promotion Agency
May 22, 2024
Oyo Assembly Passes Bill to Establish Investment Promotion Agency

Source: The News NigeriaThe Oyo State House of Assembly has passed into law the executive bill to establish the Investment Promotion Agency aimed at giving necessary legislative backing to the state government to attract investors into the state.The Oyo state house of assembly in sessionThe bill which was sent to the house by the State executive arm of government led by Governor Seyi Makinde was passed into law on Thursday, October 3, 2019, at the plenary session in Ibadan.Speaking on the newly created Agency, the Oyo State Speaker, Rt. Hon. Adebo Ogundoyin said the law is aimed at giving necessary legislative backing to plans of the state governor to woo investors into the state.According to him, the law is to initiate, promote, and facilitate investments in the state as one of the cardinal plans of the government to make the state the hub for both local and foreign investors.Ogundoyin said, “As Oyo State 9th assembly, we believe it is not about the number of the bills passed as lawmakers, but about the qualities of the bills, their effectiveness, and direct or indirect positive impacts on our people’s lives. Passing into law the executive bill to establish Investment Promotion Agency reaffirmed our commitment as 9th assembly towards making effective investment policies that will boost the Oyo State economy.”

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Makinde To Send Oyo State Investment Promotion Agency Bill to the State Assembly
May 22, 2024
Makinde To Send Oyo State Investment Promotion Agency Bill to the State Assembly

Source: Oyo InsightGovernor Seyi Makinde has said that his administration would set up the Oyo State Investment Promotion Agency.Makinde, who spoke during the inauguration of the 9th Oyo State House of Assembly, assures that two bills are going to be the first to be sponsored by his administration.He said: “I, therefore, want to use this opportunity to mention that two of the first bills the executive will be sponsoring are; the Oyo State Investment Promotion Agency Bill and the Oyo State Financial Crimes Commission Bill.“In keeping with our campaign promise to make Oyo State the preferred investment destination in Nigeria, the Oyo State Investment Promotion Agency (OYSIPA) Bill, 2019, will birth an agency that will initiate, promote, facilitate and coordinate investments in the state through Greenfield, Public-Private Partnerships, Privatization, Commercialization of state-owned assets, and transform the economy of the state through strategic Asset Management.

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Legislative Framework for Oyo Artisans Fails to Materialize as Makinde’s First Term Concludes
Mar 01, 2024
Legislative Framework for Oyo Artisans Fails to Materialize as Makinde’s First Term Concludes

As the first term concluded in May 2023, the administration’s interaction with the artisanal sector remained focused on political mobilization and direct empowerment rather than policy reform.  During the 2023 Workers’ Day celebrations and various campaign stops, the Governor praised artisans for "oiling the wheels of the state economy," but no mention was made of the stalled legislative proposal. By the end of the term, the artisanal groups remained governed by traditional association rules rather than a state-backed formalization law.  Throughout 2021 and 2022, the government's efforts were centered on "tax net expansion" rather than "formalization." While the Board of Internal Revenue attempted to capture more informal workers into the tax system, this was done under existing revenue laws rather than a new bill designed to "formalize" their broader relationship with the state.  The transition from "informal" to "formal" through a dedicated bill remained an unaddressed item on the administration's agenda as the 2019–2023 mandate expired.

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Oyo Secures Legislative Framework for Tax Harmony, but Enforcement Gaps Persist at Term’s End
Feb 27, 2024
Oyo Secures Legislative Framework for Tax Harmony, but Enforcement Gaps Persist at Term’s End

As the first term drew to a close in early 2023, the state focused on the full digitalization of its revenue collection system through the Oyo State Integrated Financial Management Information System (OYSIFMIS).  This was intended to reduce human interaction and the potential for "off-record" payments that characterize multiple taxation. In 2022, businesses reported that overlapping levies and high operational costs were forcing downsizing, despite government efforts to introduce a central collection system.   The most critical milestone in this journey occurred in December 2020, when the Oyo State House of Assembly passed the amended Revenue Administration Law. This was followed by the publication of the 2020 Consolidated Revenue Code, a move that was reported by national dailies as a "game-changer" for fiscal transparency.  The code listed every authorized tax and levy in the state, effectively making any demand outside the code illegal. Throughout 2021, the Oyo State Internal Revenue Service (OYIRS) engaged in state-wide sensitization tours, urging taxpayers to demand official receipts and report any agency seeking payments not covered by the new code.  The administration began its reform in late 2019 by reviewing the state’s tax laws to identify areas of overlap between the state and its 33 local governments. Early in 2020, the Governor announced that the state would move away from aggressive tax collection toward "expanding the tax net."  This period saw the introduction of a more structured "Presumptive Tax" for the informal sector, aimed at replacing the haphazard daily collections with a harmonized annual or monthly fee. However, the transition was hampered by the decentralized nature of local government collections, leaving the promise of total "elimination" of multiple levies as an unfinished task by the May 2023 handover.

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COVID-19 Affected the Ado Ekiti Ring Road Project says Governor Oyebanji
Feb 02, 2024
COVID-19 Affected the Ado Ekiti Ring Road Project says Governor Oyebanji

The successor to Governor Fayemi has cleared the air concerning the Ado-Ekiti ring road project. In his remark at the flagging off of the project in Iworoko, Governor Oyebanji commented and explained the reason for the failure of the project initially. I felt highly delighted flagging off the construction of Phase 1 of Ado- Ekiti Ring Road. today at Iworoko Ekiti. The ring road spanning 17.25 km is the first of its kind in Ekiti.The road project was first awarded in November 2020 during the administration of H.E. Dr. John Kayode Fayemi, but was stalled due to the outbreak of COVID-19 in the same year. The present administration revisited the project and the state executive council gave a nod for the commencement of work in line with our development and continuity agenda.

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Fayemi Flags off FMS Farm Road in Ekiti
Nov 22, 2023
Fayemi Flags off FMS Farm Road in Ekiti

The FMS Farm Road (also referred to as Oke Ako Farm road) was clearly listed among the six pilot roads in Governor Fayemi's 1,000km rural roads flag-off on January 15, 2021. The project is under the RAAMP programme, co-financed by the World Bank and the French Agency for Development (AFD). The flag-off occurred before the end of January 2021, exactly as promised. The governor, represented by Deputy Governor Chief Bisi Egbeyemi, stated that the roads would stimulate grassroots economy, provide market access for farm produce, and prevent post-harvest losses. Contractors were instructed to engage local artisans and workmen to benefit the communities. While update from the RAAMP roads show they are far from being completed by the time Fayemi left office, the promise specifically required only commencement of rehabilitation and reconstruction before the end of January 2021, not completion. 

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Itaji- Imojo- Orisumbare Road
Nov 22, 2023
Itaji- Imojo- Orisumbare Road

Although the Itaji- Imojo- Orisumbare road was not completed, Governor Fayemi fulfilled his promise to start  the reconstruction of the road as one of six pilot roads in Ekiti state under the RAAMP project. 

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