Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has reaffirmed that the January 1, 2026, commencement of the Nigerian Tax Act and the Nigerian Tax Administration Act will proceed as scheduled.
Oyedele said the reforms are designed to ease the tax burden on Nigerians. “The plan to commence the new laws on January 1, 2026, will go ahead on schedule because these reforms are designed to provide relief to the Nigerian people,” he stated.
He explained that about 98 per cent of salaried workers will pay no Pay-As-You-Earn (PAYE) tax or will see significantly reduced tax liabilities. Similarly, 97 per cent of small businesses will be exempted from Corporate Income Tax, Value Added Tax (VAT), and Withholding Tax, while large companies will benefit from reduced rates.
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“The reforms are aimed at promoting economic growth, inclusivity, and shared prosperity for Nigerians,” Oyedele added.
The tax chairman made the disclosure on Friday in Lagos while briefing journalists after a meeting with President Bola Tinubu. Present at the meeting were the Chairman of the Federal Inland Revenue Service (FIRS), Zacchaeus Adedeji, and the Chairman of the National Tax Policy Implementation Committee, Joseph Tegbe.
On concerns about alleged alterations to the tax laws, Oyedele welcomed the position of the National Assembly. He said the Federal Government would engage with lawmakers to address issues raised by Nigerians and ensure smooth implementation of the reforms.
