Osun State Governor, Ademola Adeleke, has assured residents that his administration is determined to use the state’s growing revenue to improve development across major sectors of the economy.
The governor gave the assurance on Tuesday in Osogbo during the opening of a three-day retreat on the implementation of the New Tax Acts, organised by the Osun State Internal Revenue Service.
The retreat attracted top government officials, private sector representatives and other key stakeholders.
Speaking through the Secretary to the State Government, Teslim Igbalaiye, Adeleke urged participants to treat the retreat seriously and work together to ensure the new tax laws are properly implemented for the benefit of Osun people.
He described the retreat as timely, explaining that the new tax system is not meant to place unnecessary pressure on residents or businesses, but to promote fairness, widen the tax net, boost compliance and strengthen the state’s revenue base through transparency, efficiency and digital innovation.
Adeleke noted that the reforms are designed to support businesses and attract investors, especially by recognising the importance of small and medium-scale enterprises in economic growth and job creation.
He added that the new framework also provides a gradual and structured way of bringing the informal sector into the formal economy in a fair and supportive manner.
The governor said the government is also mindful of low-income earners, stressing that the law includes reliefs, exemptions and reduced rates where necessary.
“Our goal is balance — to grow revenue without harming livelihoods and to build compliance without eroding trust,” he said.
Adeleke further promised that his administration will remain transparent and accountable in the management of public funds, noting that people are more willing to pay taxes when they can see clear results.
He reaffirmed that increased revenue would be channelled into visible improvements in education, healthcare, infrastructure and social welfare across the state.
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Earlier, the governor’s Special Adviser on Taxes, Kamarudeen Ajisafe, described the New Tax Acts as a major reform aimed at simplifying compliance, expanding the tax base and ensuring fiscal policies reflect the realities of a changing economy.
Ajisafe added that the success of the new tax system will depend on the cooperation and commitment of stakeholders, stressing that contributions from participants would help ensure the law works effectively for everyone.
Meanwhile, the Osun State Government recently recorded a major boost in Internally Generated Revenue. According to the state’s financial report for the year ended December 31, 2024, Osun’s IGR rose to N54.7 billion in 2024, up from N25.3 billion in 2023.
The report also showed that the state’s total revenue inflow for the year stood at N306.8 billion.
