Oyo State Governor and presidential candidate of the Allied Peoples Movement, Seyi Makinde, has promised to introduce tax breaks for entrepreneurs if elected president in 2027.
Makinde, who stated this while addressing party stakeholders at the APM South-South Town Hall meeting in Uyo, Akwa Ibom State, monitored by our correspondent on Tuesday, also accused the Federal Government, led by President Bola Tinubu, of prioritising the taxation of poor Nigerians over wealthy individuals.
Upon assuming office, Tinubu’s administration introduced reforms to Nigeria’s tax system, which elicited mixed reactions, with many Nigerians expressing concerns that the changes could adversely affect the middle class.
However, the Presidency has repeatedly dismissed such concerns, insisting that the tax reforms are designed to protect middle- and low-income earners.
The APM presidential candidate said his administration in Oyo State had increased the state’s internally generated revenue without raising taxes, adding that his proposed RESET agenda would encourage entrepreneurship and promote economic growth.
Makinde stated, “We will reset our economy. We will not all keep waiting for handouts from the federal allocation, because to expand our economy, we need two other elements. You need entrepreneurs. I started my own company at the age of 29. I employed engineers. I took the risk on behalf of the state because government alone cannot provide the employment and expansion that we need.
“So, we will ensure that we encourage entrepreneurs. We will ensure that people have tax breaks. And if you ask me whether we have done it before, yes, I did it in Oyo State. We increased Oyo State’s IGR without raising taxes on anybody. The records are there.
“But just as Senator Ireti Kingibe said a few days ago, the Federal Government have passed a tax law that is not consistent with productivity. You are supposed to tax wealth. You are not supposed to tax poverty. But they are only interested in taxing poverty.”
Makinde said the RESET agenda also sought to reform Nigeria’s socio-political space, noting that the country’s founding fathers adopted federalism, as reflected in its official name, the Federal Republic of Nigeria.
The APM presidential candidate continued, “I said the Federal Government has withheld almost ₦250bn due to each state from Nigeria LNG dividend payments. Rather than come out and tell us what has been happening to dividends paid by Nigeria LNG, they said, ‘No, Governor Makinde, you be careful. You should not say things that are not true.’
“I stand by what I have said. The records are there. The papers are there. I did not say it was a one-off payment that is due to the states.
“They should listen, and listen very carefully. What I said is that, over the years, including during this administration, the Federal Government has been spending alone the dividends paid by Nigeria LNG into the Federation Account.
