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Residents have been reassured by Governor Seyi Makinde that his administration will not impose additional taxes because the state has not done so for more than six years.
In an interview with Channels TV, the governor clarified that his government has instead concentrated on expanding the revenue base.
He referred to the strategy as a “chicken-and-egg” situation, raising concerns about whether it is preferable to increase taxes first or foster an atmosphere that encourages economic expansion.
“You establish a productive economy when you create a living environment that allows individuals and businesses to increase production. Then and only then will you be able to successfully increase revenue, Makinde stated.
The governor underlined that promoting economic growth is the administration’s top objective in order to provide a stable and equitable tax system for the state’s citizens.
