FG lauds Makinde for growing Oyo revenue

By Adejayan Gbenga

The Federal Government has commended the Oyo State Governor, Engr Seyi Makinde for his administration’s significant impact on the state’s Internally Generated Revenue (IGR).

Speaking at the opening ceremony of the 157th Joint Tax Board Meeting in Ibadan on Monday, the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji Adedeji praised Makinde for growing the state’s revenue by 145.5% since assuming office in 2019.

He highlighted the state’s IGR of N65.28 billion in 2024, reflecting a 23.7% increase from 2023, and noted that Oyo now ranks among the top 10 states in total revenue generation.

The FIRS Chairman, who also chairs the Joint Tax Board, acknowledged the Makinde administration’s achievements in infrastructure, education, healthcare, and investment, applauding its strategic focus on long-term socioeconomic growth.

Adedeji also urged tax stakeholders to explore data-driven approaches for integrating market traders, artisans, and small businesses into the formal tax system.

In his remarks, Governor Makinde emphasized that the state’s revenue growth was the result of empowering citizens, expanding the tax net without undue burden, and strengthening the Oyo State Internal Revenue Service (OYSIRS).

Makinde called for inclusive solutions to Nigeria’s tax challenges, particularly regarding the informal sector, which he described as the backbone of the local economy. He stressed the importance of productivity, skills, and knowledge over reliance on natural resources as the path to sustainable economic prosperity.

“Our strategy involves mass tax education, simplified tax payment processes, and incentivized voluntary compliance to encourage broader participation,” he said.