Lagos State Governor Babajide Sanwo-Olu has dismissed claims that Lagos will benefit the most from the proposed tax reforms. Speaking to the News Agency of Nigeria (NAN) during the Africa Investment Forum Market Days 2024 in Morocco on Wednesday, Gov. Sanwo-Olu urged Nigerians to study the provisions of the reforms, countering assertions that Lagos would be the primary beneficiary.
This follows a statement by Borno State Governor Babagana Zulum on December 2, alleging that the new VAT sharing model in the reform bills favours Lagos and Rivers states. Sanwo-Olu refuted the claim, stating that while Lagos may face some losses in certain areas, it also stands to gain new opportunities to play a more significant economic role.
The Lagos governor highlighted Nigeria’s low tax-to-GDP ratio, one of the lowest globally, as a critical issue necessitating reform. He expressed optimism that the proposed measures would unlock significant opportunities for all states and non-governmental actors, fostering economic growth and inclusivity.
Also Read: Governor Sanwo-Olu Calls on Lagosians to Champion Economic Growth
Gov. Sanwo-Olu reassured Nigerians that the reforms are designed to create a fairer and more inclusive tax system, not to harm any state, and called for collective effort to maximise the benefits of the new tax framework.
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