Will Lagos State Benefit Most from Tinubu’s Tax Reforms? Sanwo-Olu Speaks Out
Babajide Sanwo-Olu, the governor of Lagos state, has denied assertions that Lagos will be the primary beneficiary of the proposed tax reforms, which include changes to the value-added tax (VAT) sharing model.
Furthermore, Sanwo-Olu emphasized that Nigerians need to fully understand the reforms’ details before jumping to conclusions.
The governor made these clarifications in an interview with NAN during the Africa Investment Forum Market Days 2024 in Morocco.
Recall that Governor Babagana Zulum of Borno state had claimed on December 2 that the new VAT sharing structure would mainly favor Lagos and Rivers states.
Responding to this, Sanwo-Olu said such claims were incorrect, stressing that while Lagos might experience some disadvantages in certain areas, the reforms are intended to benefit all states and foster improved governance.
“You cannot make changes if the reforms are not set in. I have advised that people should take time to read the provisions of the reform very well and to fully understand what they’re trying to do,” Sanwo-Olu said.
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Sanwo-Olu reiterated that while Lagos might face challenges, the larger vision of the tax reforms is to create a fair and inclusive system.
He noted that the low tax-to-GDP ratio in Nigeria remains one of the lowest in the world, highlighting the urgent need for these changes.
“I have a positive attitude to it. I see it as a very wonderful reform. Tax-to-GDP ratio in Nigeria is one of the lowest in the world.
“There are a few things that need to happen, and like I keep saying, not only when you make those changes, you will not be able to see the opportunities that are found in your account,” he said.
Sanwo-Olu expressed optimism that the reforms would unlock significant opportunities for all states and non-governmental actors. He assured Nigerians that the goal of the reforms was not to disadvantage any group but to create a fairer system that benefits everyone.
“The intention is to better a lot, but not just better a lot of one person or one set of people. It’s for all of us, and so we should look at it this way,” he concluded.
