The governorship candidate of the Allied Peoples Movement (APM) in Oyo State, Bimbo Adekanmbi, has challenged the All Progressives Congress (APC) candidate, Senator Sharafadeen Alli, to explain how he intends to increase the state’s Internally Generated Revenue (IGR) to ₦150 billion without imposing additional taxes and levies on residents and businesses.
Adekanmbi described the proposed revenue target as an attractive campaign promise that lacked supporting data, economic projections and a clear implementation plan.
In a statement signed by the Co-Director of Media and Publicity of the Oyo State APM Campaign Council, Dr Sulaimon Olanrewaju, Adekanmbi said the people deserved to know the strategies and calculations behind the projection.
He argued that increasing the state’s annual revenue from its current level of over ₦100 billion to ₦150 billion would require generating nearly ₦50 billion in additional revenue, stressing the need to identify the sectors and investments that would drive the growth.
The former Commissioner for Finance and Budget said sustainable revenue generation should be driven by economic expansion, improved tax compliance, a wider tax base and the elimination of revenue leakages rather than placing additional financial burdens on residents.
Adekanmbi cited the state’s revenue performance under Governor Seyi Makinde, noting that monthly IGR increased from approximately ₦1.7 billion in 2019 to about ₦8.7 billion currently.
He added that Oyo State’s IGR rose from ₦51.25 billion in 2023 to ₦65.29 billion in 2024, before reaching ₦103.2 billion in 2025.
According to him, the state generated ₦55.3 billion in the first half of 2026, putting it on course to meet its annual revenue target of ₦110 billion.
Questioning Alli’s proposed ₦150 billion target, Adekanmbi asked him to identify the economic sectors, investment opportunities and revenue sources that would support the projected increase.
He also demanded assurances that achieving the target would not lead to additional taxes, fees, permits and charges for traders, artisans, transport operators and small business owners.
Adekanmbi maintained that revenue growth should be supported by credible economic policies and verifiable projections, insisting that residents deserved more than campaign promises.
He said he was committed to sustaining and improving the state’s revenue generation approach if elected governor, adding that any proposed target must be backed by a clear and realistic implementation roadmap.
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