The Oyo State Government has revealed that its impressive performance in Value Added Tax (VAT) contribution is a direct result of the state’s efficient economic stimulation. According to the state Commissioner for Information and Orientation, Prince Dotun Oyelade, Oyo State’s third-place ranking in VAT contribution among Nigeria’s 36 states and the FCT is a testament to the state’s economic potential.
Speaking on a radio programme in Ibadan, Oyelade attributed the state’s economic growth to Governor Seyi Makinde’s consistent investment in the state economy. “The governor stimulates the economy by pumping ₦6.4 billion into the state economy every month, which translates to over ₦77 billion annually,” Oyelade explained. This figure has increased to ₦12 billion per month and ₦143 billion annually, following the implementation of the ₦80,000 minimum wage in January 2025.
The commissioner highlighted the positive impact of consistent salary payments on the state’s economy, enabling government workers, farmers, and produce buyers to plan their lives and conduct business with confidence. The state’s real estate sector and hospitality businesses have also experienced significant growth, attracting investors and families who are resettling in the state due to its improved infrastructure and affordable standard of living.
Oyelade noted that Oyo State contributed ₦272.41 billion to the ₦3.11 trillion VAT generated by the South-West region in 2024. The state’s economic stimulation efforts have yielded impressive results, solidifying its position as a leading contributor to the nation’s VAT pool.
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