Oyo State Outperforms Others in Economic Indices, Ranks Third in VAT Generation
Recent data from the Nigerian Bureau of Statistics (NBS) has revealed that Governor Seyi Makinde’s economic policies are yielding significant results, positioning Oyo State as one of Nigeria’s top-performing economies. The report highlights Oyo’s strong performance in Value Added Tax (VAT) generation, as well as its low food inflation rate, underscoring the impact of the administration’s economic interventions.
According to the NBS report, Oyo State recorded an impressive ₦272.41 billion in VAT generation, ranking third nationwide—trailing only Lagos and Rivers States. VAT, a consumption-based tax, reflects the level of economic activity in a region, indicating that Oyo residents are actively engaging in trade, business, and services. This achievement underscores the state’s growing economic strength and the success of policies aimed at boosting commerce and investment.
In addition to its strong VAT performance, Oyo State has also been recognized for its low food inflation rate, ranking as the third lowest in the country. The state recorded an inflation rate of 15.5%, coming after Adamawa (12.2%) and Ondo (13.7%). This development highlights the effectiveness of Governor Makinde’s agricultural intervention programs, which have boosted food production and stabilized prices, ensuring greater affordability for residents.
Oyo State’s impressive economic performance reflects the Makinde administration’s commitment to sustainable development, economic growth, and agricultural self-sufficiency. By fostering a business-friendly environment, investing in agriculture, and implementing policies that support local enterprises, the state has continued to thrive despite national economic challenges.
As Oyo State strengthens its position as an economic powerhouse, residents and investors alike are reaping the benefits of effective governance, strategic planning, and forward-thinking policies.