Oyo State Tax Relief As Governor Rules Out New Taxes

Oyo State Governor Seyi Makinde has reassured residents that his administration will not introduce new taxes, noting that the state has gone more than six years without adding any additional tax measures. In a recent interview with Channels TV, the governor explained that the government’s focus has been on expanding the existing tax base by bringing more individuals and businesses into the tax net.

Makinde described the administration’s approach as a “chicken‑and‑egg” scenario, questioning whether it is more effective to impose taxes first or to create an environment conducive to economic growth. He argued, “When you create a living environment where people and businesses can expand production, you build a productive economy. Only then are you in a position to raise revenue effectively.” By prioritising growth, the administration aims to establish a sustainable and equitable tax system for the state’s residents.

The decision not to introduce new taxes is seen as a strategic move to promote business growth and attract investment. Maintaining a stable tax environment is intended to encourage entrepreneurship, create jobs and boost economic activity. As the administration continues to foster growth, state revenue is expected to rise, enabling the government to fund public services and infrastructure development.

Governor Makinde’s emphasis on creating a conducive environment for economic growth underscores the importance of a balanced approach to taxation and development. As Oyo State navigates its economic trajectory, the commitment to avoiding new taxes while expanding the tax base is expected to yield positive outcomes for the economy and its residents, positioning the state for long‑term fiscal stability and prosperity.