Oyo State Governor and Allied Peoples Movement (APM) presidential candidate Seyi Makinde has promised tax breaks for entrepreneurs if elected president in 2027, while renewing his allegation that the Federal Government has failed to account for Nigeria LNG dividend payments due to states and local governments.

Makinde made the remarks at the APM South-South Town Hall meeting in Uyo, Akwa Ibom State, on Tuesday, October 20, 2026, where he presented his economic proposals under the party’s RESET agenda and criticised President Bola Tinubu’s approach to taxation.

Also read: Firms petition EFCC over alleged $2.1m Wike son land deal

The governor argued that Nigeria needed to encourage entrepreneurship and expand economic activity rather than rely excessively on government allocations or impose tax burdens he believes disproportionately affect poorer citizens.

“We will ensure that we encourage entrepreneurs. We will ensure that people have tax breaks,” Makinde said, citing his administration’s experience in Oyo State as evidence that internally generated revenue could increase without raising taxes.

He also criticised the Federal Government’s tax reforms, arguing that the country should focus on taxing wealth rather than poverty.

The Presidency has previously defended its tax reforms, saying they are designed to protect low- and middle-income earners.

Makinde’s comments add to the political debate over how tax policy should balance government revenue needs with household finances, business investment and economic growth.

Makinde said his proposed RESET agenda would seek to restructure Nigeria’s economy and political system, with entrepreneurs playing a central role in creating jobs and expanding productive activity.

Drawing on his own experience of establishing a company, he argued that private businesses could help generate employment and economic opportunities that government alone could not provide.

He said his administration would encourage business development through tax relief and policies intended to support productive enterprise.

However, he did not provide detailed proposals on which businesses would qualify, how the tax breaks would be structured or how the measures would affect government revenue.

The APM candidate also called for a stronger commitment to federalism, arguing that Nigeria’s political and economic arrangements should reflect the federal structure established by the country’s Constitution.

The governor also repeated his claim that the Federal Government had withheld funds associated with Nigeria LNG Limited dividend payments that he says should have been shared with states and local governments.

“I said the Federal Government has withheld almost ₦250bn due to each state from Nigeria LNG dividend payments,” Makinde said, adding that he stood by his earlier remarks.

He argued that revenue paid into the Federation Account should be distributed among the federal, state and local governments in accordance with the applicable revenue-sharing arrangements.

The allegation has, however, been strongly disputed by the Presidency.

In a statement issued on October 18, presidential spokesman Bayo Onanuga rejected Makinde’s claim that ₦250 billion in NLNG dividends was being withheld for each state.

The Presidency argued that distributing that amount to all 36 states would require ₦9 trillion for the states alone and said the figure was inconsistent with the company’s historical dividend payments.

Makinde has maintained that his allegation is based on a reconciliation exercise involving the Nigeria Governors’ Forum and a consultant, which he says identified a shortfall of about ₦9 trillion owed to states and local governments.

In a subsequent response reported by Channels Television, his media adviser said the government should explain how NLNG dividend proceeds received by the Federation were distributed among the three tiers of government.

The Presidency’s response and Makinde’s position therefore leave a dispute over the amounts involved and the accounting of the proceeds.

The allegation that the Federal Government withheld ₦250 billion for each state remains contested and should not be treated as an established fact without further documentary evidence.

At the town hall meeting, Bauchi State Governor Bala Mohammed, the APM’s national leader, urged Nigerians, particularly young people and women, to assess political candidates based on their records and proposals rather than money or age.

Mohammed endorsed Makinde’s candidacy, saying he believed the Oyo governor had the experience and policy direction needed to address Nigeria’s challenges.

The party’s vice-presidential candidate, Lawal Daura, said the RESET agenda was intended to improve education, the economy, security and public welfare.

Daura argued that Nigerians deserved to live with dignity and said the party wanted to move the country away from what he described as a cycle of limited progress.

The meeting brought together APM officials and delegates from Rivers, Akwa Ibom, Delta, Edo, Cross River and Bayelsa states.

The party had previously held town hall meetings in the North-Central, North-West and North-East regions.

Makinde’s proposals place tax relief, entrepreneurship and the management of federation revenue among the issues he intends to emphasise in the 2027 presidential campaign.