2023 Supplementary Budget : Broaden Tax Net, Don't Increase Tax Rates - Oyo Assembly Tells Makinde

As the 2023 Supplementary budget forwarded to the Oyo State House of Assembly by Governor Seyi Makinde scales 2nd reading, the State lawmakers have harped on the need for the State Government to put new measures in place towards expanding and broadening the tax net of the State in order to fund the budget increment.

This was part of the submission of the lawmakers as the 2023 Supplementary budget is referred to the House Committee on Finance, Appropriation and Budget for further scrutiny.

Recall that Governor Seyi Makinde is seeking the upward review of the 2023 budget from #310,432,500,000 to #352,282,500,000.

The Governor said the supplementary became necessary due to the adverse economic effects of removal of subsidy on Premium Motor Spirit PMS and the floating of the exchange rates by the Federal Government.

While deliberating on the supplementary budget, the lawmakers noted the vital need for the State Government to increase and expand its tax revenue bases to fund the budget so as to avoid placing additional burden on the citizens who are already feeling the adverse effects of the two Government policies.

They appealed to the State Government not to increase the tax rates but to ensure that more people who have not been paying tax are captured in the tax nets, and that adequate and necessary remittances are made to the coffers of the State Government.

The Speaker, Hon. Adebo Ogundoyin who appreciated his colleagues for their various contributions assured that the State legislature would continue to perform its oversight functions on Government activities.