Sanwo-Olu Promises Transparent 2026 Tax Plan To Shield Lagos Small Businesses

On Tuesday, Lagos State Governor Babajide Sanwo-Olu reaffirmed his administration’s commitment to a fair, transparent, and business-friendly tax reform framework, aimed at driving sustainable development and shared prosperity across the state.

The governor made the declaration at the Tax Reform Summit, jointly hosted by the Office of the Special Adviser on Taxation and Revenue and the State Treasury Office. The event was themed: “Tax Reform Summit: The Lagos Implementation Road Map – From Reforms to Results.”

Speaking as Chief Host, Sanwo-Olu highlighted Lagos State’s alignment with President Bola Tinubu’s national tax reform agenda, noting that despite initial challenges, the reforms were already producing tangible benefits.

“I commend President Bola Tinubu for his bold steps in this area. The initial pains are gradually giving way to significant gains. Lagos State is fully aligned with the ongoing national tax reform agenda,” the governor said.

Sanwo-Olu emphasized that the reforms are designed not to burden citizens or businesses but to foster a more equitable system.

“Rather than imposing additional hardship, these reforms will protect small businesses, ensure that the wealthy meet their social obligations, eliminate leakages, and broaden the tax base,” he explained.

The governor further stressed that Lagos is positioning itself as a leader among sub-national governments in implementing tax reforms, focusing not merely on policy adoption but on effective execution that delivers real value to residents and businesses.

“Lagos State is setting the pace for sub-national implementation. Our priority is not only compliance with new frameworks but achieving results that positively impact citizens and the business community,” Sanwo-Olu stated.

Earlier, Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reform Committee, underscored the importance of tax reform in Nigeria, emphasizing that the goal is to fix systemic inefficiencies rather than simply raise tax rates.

Oyedele noted that sub-national tax reform is critical for Nigeria’s economic survival and long-term growth. He highlighted that trust between taxpayers and government is built when citizens see tangible value for their contributions and when tax regulations are applied transparently and consistently.

According to Oyedele, accountability in revenue utilization is key to boosting taxpayer confidence, adding that Lagos State is expected to set a benchmark in data quality to support effective economic planning.