Tag: Prince Dotun Oyelade

The Oyo State Executive Council has approved the creation of a Sovereign Wealth Fund to enhance the state’s economic stability and long-term development.

This decision was reached during the council’s meeting on Tuesday, according to a statement signed by the Commissioner for Information and Orientation, Prince Dotun Oyelade.

Oyelade emphasized that the fund aims to generate wealth through diversification and prudent investments, ensuring the transformation of the state’s financial assets into tangible benefits for the people.

He added that the initiative will promote economic stability, sustainable wealth creation, infrastructural development, and diversification of revenue sources.

Recall that Governor Seyi Makinde had confirmed that Oyo State has the economic wherewithal to generate up to $250 million from the project within the next few years.

Oyelade said, the Council also approved that Oyo State be more actively involved with the Nigeria Governors’ Forum (NGF), especially in the area of economic cooperation. 

“To this end, the Council approved that Oyo State collaborates with the 35 other State Governors to work with a financial consultant to process recovery and reconciliation of the excess crude account and petroleum profit tax account from 2009 to 2015.

“In a similar manner, the Council approved that the State joins the NGF in employing another consultant to interface with Federal agencies and development partners to ensure transparency and accountability, particularly in the area of equitable distribution of funds to the States and Local Governments.

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“Furthermore, the Council approved urgent intervention in the agricultural sector, particularly at the Fashola Agribusiness Industrial Hub and the farm estate development projects at Eruwa and Akufo.

“The Council observed local and international 

Interests being shown by various dignitaries to the Fasola hub particularly. 

“In order to consolidate access to portable water in the State and reduce water wastage, the Council approved the bulk purchase of pipes and repair materials by the Water Corporation of Oyo State (WCOS) to the tune of N359,047,500.

“According to the Council, this will allow the Corporation to repair several pipe leakages and replace old pipelines to ensure the realization of the Corporation of providing portable water supply to the people of the State.

“The Council also approved the bill for a law to establish a New Towns and Cities Development Authority (NTCDA). 

“With the spate of infrastructural development going on all over the State and the influx of new residents and investors to Oyo State, particularly the municipality, the new Parastatal has been mandated to, among other things, facilitate new housing and industrial layouts, attract new businesses and industries to create employment opportunities, reduce overcrowding and pressure on existing urban areas, and to develop new cities based on technology and research to attract talents and foster innovations.”

Oyo State Commissioner for Information and Orientation, Prince Dotun Oyelade, has attributed the state’s impressive ranking as the third-highest contributor to Value Added Tax (VAT) among Nigeria’s 36 states and the FCT to strategic economic policies and the right stimulus.

Speaking on an Ibadan-based radio station over the weekend, Oyelade noted that despite the absence of seaports and a relatively modest Internally Generated Revenue (IGR) of ₦5 billion—compared to Lagos’ ₦65 billion—Oyo State has defied expectations by securing its position in VAT contributions.

He said: “Governor Seyi Makinde stimulates the economy by pumping ₦6.4 billion into the state economy on the 25th day of every month for almost five years, which culminates in over ₦77 billion every year to the state workforce.

“Of course, that figure has changed this January 2025, with the payment of ₦80,000 minimum wage, resulting in ₦12 billion per month and ₦143 billion annually.

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“The consistency of these salaries and wages not only allows the over 130,000 government workers, the largest government workforce in the Southwest, to plan their lives, it also allows farmers and produce buyers to bring their foodstuffs to the markets on good roads and with sufficient confidence that they will sell out their goods.

“The sheer consistency of salary payments on a given day has upgraded commerce and opened up patronages for artisans of different persuasions.”

The commissioner also said the increase in Real Estate sector and gospitality businesses that has attracted an influx of investors into Oyo State is also stimulating the economy.

He recalled that between May 2019 and May 2024, hospitality centres in Oyo State increased from 1,424 to 5,342, which represents a 221 percent rise.

Prince Oyelade noted that investors apart, the surge of families who are resettling in Oyo State as a result of better infrastructure, space, good roads and affordable standard of living are also impacting on the stimulation of the economy of the State.

“In the VAT 2024 release, the Southwest contributed the largest amount of ₦3.11 trillion in VAT to the federation while the South South came second with ₦1.08 trillion.

“Of the ₦3.11 trillion contributed by the South-West, Oyo State contributed ₦272.41 billion”, he said