Governor Babajide Sanwo-Olu of Lagos has finally addressed reports that the controversial tax reform bills will favour the state, saying it is not true.
Speaking on the sidelines of the Africa Investment Forum Market Days 2024 in Morocco on Wednesday, Sanwo-Olu stated that the tax reform bills will lead to a better governance structure.
According to him, the bills will ensure discipline and everyone involved will work harder to get the full benefits of the reform.
“What those uncomfortable with the tax reform are not willing to accept is that there is no way of making an omelette without breaking the egg.
“You cannot make changes if the reforms are not set in. I have advised that people should take time to read the provisions of the reform very well and to fully understand what they’re trying to do.
“I have seen comments around. Comments like Lagos is going to be the major beneficiary. It is not true. Lagos is actually going to be a shaped-off in some places, but on a larger scale basis, we see it as a global thing for a better governance structure.
“All of us will play better, and we’ll be able to discipline ourselves more. One of the things you will see is that you need to work harder to get the full benefit of the reform. So it’s not just an easy kill,” he said.
“I have a positive attitude to it. I see it as a very wonderful reform. The tax-to-GDP ratio in Nigeria is one of the lowest in the world.
“So, there are a few things that need to happen, and like I keep saying, not only when you make those changes, you will not be able to see the opportunities that are found in your account.
“We really need to be bullish. We need to be encouraging ourselves and know that the intention is not to hurt anybody. This, I am very sure of.
“The intention is to better a lot, but not just better a lot of one person or one set of people. It’s for all of us, and so we should look at it this way,” Sanwo-Olu added.