The Governor of Oyo State, Seyi Makinde has thrown his weight on the side of the states in the ongoing VAT controversy between the states and the federal government, stating that it is important because it leads to policies that increase Internally Generated Revenue for states.
Makinde disclosed this in his newsletter on Thursday evening.
What the Governor said
He said, “There has been so much happening in politics and governance in the past two weeks. For example, there have been debates about VAT.
“These debates again bring to the fore the importance of states taking decisions that will increase their internally generated revenue and attract investors.
“That is why here in Oyo State, we are always thinking “economy first.”
READ: Key provisions under consideration in the Lagos VAT law
On other state-related issues, Makinde talked about the remodelling of the Lekan Salami Sports Complex, Adamasingba, which faced some criticisms due to the rainy condition of the pitch during its relaunch.
“Some people have asked why we didn’t wait out the rainy season before hosting the event. They have said our haste to unveil an ‘uncompleted stadium’ blighted an otherwise outstanding achievement.
“I have also seen those who have been spreading malicious lies about the work we did. They have shared pictures of the Sheffield Wednesday flooded stadium and presented it as the newly unveiled Lekan Salami Sports Complex, Adamasingba main bowl.
READ: VAT: We can expect litigation all the way to the Supreme Court – Moghalu
“If you really believe the Lekan Salami Sports Complex was poorly done, why are you sharing fake pictures? Is it not a mark of serious mischief that a group of people would lie about something that was watched live by millions of people on international and local television? If they can lie about something so obvious, what else could they possibly lie about?”
He added that the state unveiled the stadium during the rainy season because it wanted to unveil the main bowl with an international friendly as anyone who follows international football will tell you that there are seven windows for these matches.
What you should know
Nairametrics reported yesterday that the Federal Inland Revenue Service warned that the collection of Value Added Taxes in Nigeria can only work at the national level and not at the state level. The agency cited issues such as input-output mechanism and multiple tax rates as factors that will impede the collection of VAT at the state level.
Meanwhile, the Lagos State House of Assembly has passed the Value Added Tax (VAT) bill, a few days after the bill passed the first and second readings at the State House of Assembly.
