Makinde Promises Tax Breaks and Calls Out Federal Government on Missing Funds

Oyo State Governor Seyi Makinde, who is also a presidential hopeful for the Allied Peoples Movement, has promised to give tax breaks to business owners if he becomes president in 2027.

Makinde made this promise while speaking to party members at the APM South-South Town Hall meeting in Uyo, Akwa Ibom State, which our reporter covered on Tuesday. He accused President Bola Tinubu's government of focusing on taxing poor Nigerians instead of wealthy people.

When Tinubu took office, his administration changed Nigeria's tax system. This led to different reactions from Nigerians, with many worried that these changes might hurt the middle class.

But the Presidency has dismissed these worries, claiming the tax reforms aim to protect both middle- and low-income earners.

Makinde, who has increased Oyo State's internally generated revenue without raising taxes, shared details about his RESET agenda. He believes this plan will boost entrepreneurship and economic growth in Nigeria.

He said, "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 also mentioned that the RESET agenda includes changing Nigeria's socio-political landscape. He pointed out that the country's founders chose federalism, which is clear from its official name, the Federal Republic of Nigeria.

He 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.

"Anything that goes into the Federation Account, according to our Constitution, should be shared between the Federal Government, state governments and local governments. Let them provide the amounts meant for the states and local governments in Nigeria."