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Tax Reforms Fair To All States, Lagos Not Main Beneficiary – Sanwo-Olu
Lagos State Governor Babajide Sanwo-Olu has refuted allegations that Lagos will gain disproportionately from the proposed tax reforms, urging Nigerians to thoroughly study the provisions before making conclusions.
Speaking during an interview with the News Agency of Nigeria (NAN) at the Africa Investment Forum Market Days 2024 in Morocco, Sanwo-Olu responded to concerns raised by Borno State Governor Babagana Zulum, who argued on December 2 that the proposed value-added tax (VAT) sharing model would unfairly benefit Lagos and Rivers states.
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EKO HOT BLOG reports that Sanwo-Olu dismissed these claims, emphasizing that the reforms aim to address structural inefficiencies in Nigeria’s revenue system and benefit all states equitably.
“What those uncomfortable with the tax reform are not willing to accept is that there is no way of making an omelette without breaking the egg,” Sanwo-Olu stated.
He urged stakeholders to read the reforms in detail, stating, “I have seen comments like Lagos being the major beneficiary. It is not true. Lagos will actually be trimmed in some areas, but overall, it’s a global initiative for better governance.
We all need to work harder to realize the full benefits of the reforms.”
While acknowledging that Lagos may experience losses in certain areas, Sanwo-Olu highlighted the broader opportunities the reforms would create, especially in addressing Nigeria’s low tax-to-GDP ratio, which he described as one of the lowest globally.
“These reforms are not designed to hurt anyone,” Sanwo-Olu reassured. “Their intention is to foster a fair and inclusive system that benefits everyone. We need to be bullish and see the larger opportunities these changes bring.”
Tax Reforms Lagos Sanwo-Olu
The governor also revealed his active engagement with stakeholders to dispel misconceptions about the reforms and urged the presidential tax reform committee, led by Taiwo Oyedele, to enhance public awareness efforts.
Sanwo-Olu, along with other governors, attended the forum in Morocco to attract investors, emphasizing the need for reforms to unlock economic opportunities for both states and non-governmental actors.
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