Lauds Makinde on growth of Oyo’s revenue by 145.5%

Chairman, Federal Inland Revenue Service (FIRS), Zacch Adedeji, has attributed the drop in Nigeria’s unemployment index to the recognition of informal work by the National Bureau of Statistics (NBS).

This was just as he revealed that the well-being of operators of the informal sector concerns President Bola Tinubu. Adedeji, speaking on the theme, “Taxation of the Informal Sector: Potentials and Challenges,” during the 157th board meeting of the Joint Tax Board (JTB), yesterday, in Ibadan, the Oyo State capital, said he would rather support the formalisation of the informal sector with the use of data rather than taxing them.

The FIRS boss, according to a statement by his Technical Assistant on Media, Sikiru Akinola, charged participants at the meeting, including the 36 states’ inland revenue board chairpersons’ to brainstorm on how to bring formality to the informal sector with the use of reliable data.

He said that the JTB would soon transition to the Joint Revenue Board (JRB) with expanded scope and responsibilities that would make tax systems easily harmonised and modernised nationwide.

The FIRS chairman, who doubles as the Chairman of the JTB, commended the Oyo State Governor, Seyi Makinde, for hosting the meeting. He lauded the governor for the impact of his administration on the Internally Generated Revenue (IGR) fortunes of the state since he assumed office in 2019, with the state currently ranked among the top 10 states in total revenue generation.

He commended the governor for growing Oyo State’s revenue profile by 145.5 per cent, adding that the state recorded an IGR performance of N65.28 billion in 2024, a figure, he noted, reflected 23.7 per cent growth over the 2023 collection.

The FIRS boss equally lauded Makinde’s infrastructure development strides, just as he acknowledged the “significant milestones” made across other sectors such as education, health, trade and investments, among others.

However, Makinde, who spoke shortly after Adedeji, appealed for support in the effort to widen the country’s tax net.

“We must not only be strategic but also humane in our approach. The goal should not only be to increase revenue but also to support and empower those within the informal economy so they can thrive and contribute meaningfully.

“Our administration is committed to balancing fiscal responsibility with inclusive economic growth. Our recent initiatives have improved our revenue generation drive,” Makinde added.