Makinde promises tax breaks for businesses if elected president

Seyi Makinde, governor of Oyo and presidential candidate of the Allied Peoples’ Movement (APM), has promised tax breaks for businesses if elected in the 2027 elections.

A tax break is a benefit the government offers, such as a tax deduction, credit, exemption, or exclusion, that helps individuals and businesses save money on their tax bills.

Speaking on Tuesday at the APM town hall meeting in Uyo, the capital of Akwa Ibom, Makinde said his administration in Oyo state increased internally generated revenue (IGR) without raising taxes.

“We will ensure that we encourage entrepreneurs. We will ensure that people have tax breaks. And if you ask me whether we have done it before, yes, I did it in Oyo state. We increased Oyo state’s IGR without raising taxes on anybody. The records are there,” Makinde said.

The APM standard-bearer said government alone cannot provide the jobs and economic expansion Nigeria needs and must support entrepreneurs and businesses to increase employment.

Makinde criticised the tax laws passed under the current administration, saying taxation should target wealth rather than deepen poverty.

“You are supposed to tax wealth. You are not supposed to tax poverty. But they are only interested in taxing poverty,” he said.

Makinde promised to overhaul Nigeria’s education and security systems, pledging to eliminate militancy in the south-south geopolitical zone.

While acknowledging that militancy had declined in the region, Makinde said the problem remained unresolved.

He said economic prosperity depends on skills and knowledge, adding that his administration would prioritise education.

The politician said his experience of securing opportunities through his University of Lagos degree demonstrated the importance of giving young Nigerians access to education.

The APM candidate alleged that the federal government had withheld nearly N250 billion from Nigeria LNG dividend payments due to each state, noting that the money had accumulated over the years, including during the current administration.

“Anything that goes into the federation account, according to our constitution, should be shared between the federal government, state governments and local governments,” he said.

He also criticised the government’s economic policies, saying initiatives such as the presidential initiative on compressed natural gas and the naira-for-crude policy had not reduced transportation costs.

The governor asked the government to publish its petroleum pricing template so Nigerians can review the figures and suggest ways to make the policy work.

Makinde expressed confidence that the south-south would vote for the APM in the upcoming elections, adding that the APC did not win most states in the region in 2023.

Bala Mohammed, Bauchi governor and APM national leader, urged Nigerians to judge the party’s candidates by competence and track records rather than money or age.

“It is not about money. It is not about age. It is about pedigree,” he said, describing the APM candidate as capable of addressing Nigeria’s challenges.

Lawal Daura, APM vice-presidential candidate, said the APM would break Nigeria’s cycle of stagnation and restore citizens’ dignity through reforms in education, security and the economy.

Yusuf Dantelle, APM national chairman, said Nigeria needs a fundamental change of direction, identifying insecurity, poverty, and inequality as major challenges confronting the country.(TheCable)