The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has advised state governors to borrow money only for building infrastructure that spurs economic growth, not for routine government spending.
Speaking at the launch of a report on state finances in Abuja, Oyedele expressed concern over the rising debt levels of state governments. He clarified that borrowing is not inherently bad, but its purpose is what matters.
“There is nothing wrong with borrowing; what matters is what you are borrowing for?” he stated. “We need to borrow less for recurrent spending, if at all, and borrow responsibly for infrastructure and productivity.”
He commended states like Abia, Enugu, and Lagos, which allocate over 70% of their budgets to capital projects like roads and schools. He also revealed that new tax laws coming into effect next year will shift a larger share of national revenue—up to one-third—to state governments.
To improve their finances, Oyedele urged states to streamline their numerous taxes, digitize collection, and stop taxing small businesses and investments excessively. He emphasized the need for greater accountability, especially at the local government level.
The “State of States” report ranked Anambra as Nigeria’s best-performing state in fiscal sustainability, followed by Lagos, Kwara, Abia, and Edo. The report highlighted that most states still rely heavily on federal allocations, as their internally generated revenue is insufficient to cover operating expenses.
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