The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, has hailed Governor ‘Seyi Makinde of Oyo State for significantly boosting the state’s Internally Generated Revenue (IGR) since the beginning of his administration in 2019, describing his efforts as transformational.
Speaking on Monday at the opening session of the 157th Meeting of the Joint Tax Board (JTB), held in Ibadan, Adedeji noted that under Governor Makinde’s leadership, Oyo State has recorded an impressive 145.5 percent increase in IGR, positioning it among Nigeria’s top 10 revenue-generating states.
According to Adedeji, Oyo State’s IGR reached N65.28 billion in 2024, reflecting a year-on-year growth of 23.7 percent compared to 2023. He praised Makinde’s data-driven and inclusive approach to revenue mobilisation, particularly his administration’s efforts to widen the tax net without exerting undue pressure on residents.
Strategic Reforms and Inclusive Growth
Governor Makinde, while declaring the JTB meeting open, attributed the state’s revenue success to a combination of productivity-focused policies, tax reforms, and investments in infrastructure. He said his administration has prioritised empowering citizens, formalising the informal sector, and simplifying tax processes.
“This gathering is timely and aligns with our ongoing reforms in Oyo State,” the governor said. “We are not merely expanding the tax net—we are ensuring that our people are productive and able to contribute meaningfully to economic growth.”
He explained that the state’s revenue agency has undergone major reforms, including capacity-building for staff, mass tax education campaigns, and digitalisation of payment systems to make tax compliance easier for small businesses and individuals.
Makinde also highlighted that Oyo’s fiscal strategy focuses on empathetic tax enforcement and incentivised compliance. Initiatives such as voluntary payment schemes now offer benefits like access to government empowerment programmes and credit facilities.
Tapping into the Informal Sector
The meeting, themed “Taxation of the Informal Sector: Potentials and Challenges”, focused on harnessing Nigeria’s largely untaxed informal economy. Governor Makinde acknowledged the vital role played by traders, artisans, and transport operators and emphasised the need for creative policy frameworks to capture this sector without discouraging entrepreneurship.
“We recognise that the informal sector forms the backbone of our economy,” Makinde said. “That is why we are adopting non-punitive, education-based approaches to bring more participants into the formal tax system.”
National Recognition and Sectoral Growth
Dr. Adedeji, who also chairs the Joint Tax Board, further commended the Makinde administration’s impact across key sectors such as education, healthcare, housing, transportation, and trade. He said these achievements are central to creating a robust economy capable of sustaining long-term revenue growth.
“Your time in office has undoubtedly been impactful,” Adedeji said. “The increase in Oyo State’s IGR from an average of N1.6 billion monthly in 2019 to N8.5 billion in the first quarter of 2025 is commendable. It reflects strategic leadership and a clear understanding of the economic engine of the state.”
He also urged tax administrators to explore data-driven methods for formalising informal economic activities and encouraged deeper collaboration across states.
Oyo Revenue Chief Highlights Key Reforms
In his welcome address, the Chairman of the Oyo State Internal Revenue Service (OYSIRS), Mr. Femi Awakan, credited the governor’s leadership for the service’s improved performance. He noted that the state achieved a 58 percent revenue growth between 2021 and the end of 2024, with ongoing efforts aimed at achieving full digital tax compliance.
Awakan added that the forum would help harmonise tax policies across states and resolve issues such as overlapping tax jurisdictions and informal sector integration.
Appreciation from Stakeholders
Mr. Olusegun Adesokan, Secretary of the Joint Tax Board, delivered the vote of thanks, applauding Governor Makinde for his forward-thinking governance. He said the legacy projects initiated under the current administration will continue to yield dividends for generations.
The governor was accompanied by key members of his administration including the Chairman of the House Committee on Finance, Hon. Sunkanmi Babalola; Chief of Staff, Otunba Segun Ogunwuyi; Head of Service, Mrs. Olubunmi Oni (mni); Commissioner for Finance, Mr. Akinola Ojo; and Attorney-General and Commissioner for Justice, Barr. Biodun Aikomo.
Also present were the Senior Executive Assistant to the Governor on General Duties, Chief Bayo Lawal; Executive Adviser on Budget and Finance, Alhaji Gafar Bello; and Executive Assistant on Rule of Law, retired CP Ayodele Sonubi.
