The Oyo State Government has attributed its strong performance in Value Added Tax (VAT) contributions to strategic economic policies designed to stimulate growth.
Commissioner for Information and Orientation, Prince Dotun Oyelade, stated this during a radio programme in Ibadan on Saturday, noting that Oyo State ranked third among Nigeria’s 36 states and the Federal Capital Territory in VAT contributions.
According to Oyelade, the state’s economic expansion is a result of deliberate efforts by Governor Seyi Makinde to boost financial activities. He explained that a key factor has been the steady injection of N6.4 billion into the state’s economy every month for nearly five years.
He noted that this consistent investment, totaling over N77 billion annually, has strengthened the purchasing power of residents, increased business activity, and improved revenue generation.
The commissioner also described the economic strategy as a major driver of Oyo’s fiscal success, positioning the state as a leading contributor to national revenue despite challenges faced by many subnational governments.
Oyelade later added that the administration remains committed to policies that will sustain growth, support businesses, and enhance overall economic development.
