Yemi Obafemi
The Federal Government has reaffirmed that sweeping tax reforms scheduled to take effect from January 1, 2026, will prioritise relief for workers and small businesses, as part of efforts to boost economic growth and inclusiveness.
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, said the new tax regime would ease financial pressure on millions of Nigerians, with most low-income earners paying little or no Pay-As-You-Earn (PAYE) tax.
Speaking to journalists after a meeting with President Bola Tinubu in Lagos on Friday, Oyedele disclosed that the reforms would exempt the vast majority of small businesses from key taxes, including Corporate Income Tax, Value Added Tax (VAT), and Withholding Tax.
He explained that the policy direction is targeted at stimulating productivity, encouraging entrepreneurship, and creating a more business-friendly environment, while also reducing the tax burden on larger companies.
Oyedele stressed that the reforms are structured to promote shared prosperity and inclusive growth, adding that government is committed to ensuring transparency in the implementation process.
He also dismissed concerns over alleged alterations to the tax laws, noting that the Federal Government would continue to engage the National Assembly and other stakeholders to address public concerns.
The meeting with President Tinubu was also attended by the Chairman of the Federal Inland Revenue Service, Zacchaeus Adedeji, and the Chairman of the National Tax Policy Implementation Committee, Joseph Tegbe.
