Mr. Babatunde Fashola, a past governor of Lagos State, has recommended that the Lagos State Government lower taxes and fees to alleviate the socioeconomic difficulties faced by its citizens.
Fashola made this statement during the 18th Executive and Legislative Parley of Lagos State, which took place on Friday at the Eko Hotels and Suites, Victoria Island, Lagos.
The yearly parley takes place to evaluate the activities and responsibilities of the different branches of government.
Fashola, the former minister of Works and Housing, praised Governor Babajide Sanwo-Olu for implementing additional measures to mitigate the impact of subsidy elimination.
According to him, not only would the school feeding initiative and the reduction of transportation costs help, but also lowering levies and taxes in other sectors would make a considerable difference.
“I’d like to make additional suggestions. I’d like to advise that, in line with finding succour for residents of our great state with the current economic situation, I think reducing levies and taxes would help.
“There must be a balance. I remember during the Ebola crisis, the Association of Tourism and Hotel Owners approached us (government) then that we should suspend the Consumption Tax, which we did.
“These are some of the ways we can bring relief to the people of Lagos State.
“It is important to increase the quantum of money for disposal. There must be a balance in governance,” Fashola said.
Furthermore, the Senior Advocate of Nigeria (SAN) urged the state government to find a way of redistributing wealth and give small businesses succor.
“We must meet with small businesses across the senatorial districts, state legislature should hold town hall meetings to understand their needs and demands.
“We have more money in the hands of the people; we need to roll out public works in construction, supply, etc. We need to find a way to redistribute wealth,” the former governor said.
What you should know
Lagos has reformed its tax system to enhance efficiency and compliance. Automation and digitization of tax processes aim to reduce evasion and increase collections.
These efforts have made Lagos one of Nigeria’s most financially viable states.
However, the tax and levy system in Lagos faces challenges, including enforcement difficulties and public resistance. Balancing revenue generation with economic growth and public acceptance is crucial.
Meanwhile, the state continually seeks to refine its tax policies to ensure fairness and economic competitiveness.
Lagos leverages its tax and levy system to fund development and improve living standards, emphasizing sustainable and inclusive economic growth.
