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Oyedele: Tinubu’s Tax Reforms to Put Cash in Citizens’ Pocket
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, has said Nigeria’s new tax law will ease the cost of living for millions of citizens, scrap personal income tax for low-income earners, and reduce the tax burden on businesses across the board.
Speaking on the goals and benefits of the tax reform, Oyedele said the new framework is “people-centric,” focused on promoting efficiency, shared prosperity, and national competitiveness.
“Whatever doubts the people have, as we begin implementation, they will see that the reform was actually intended for a better Nigeria, shared prosperity, and a greater tomorrow,” he said.
Oyedele revealed that millions of Nigerian workers in both the public and private sectors, especially low-income earners, will now be exempt from Pay-As-You-Earn (PAYE) deductions. “This means more money in their pockets to take care of daily needs,” he said.
He also disclosed that essential goods and services such as food, healthcare, and education have now been placed on zero VAT, making them tax-free at the point of purchase. According to him, this will directly reduce the cost of living and is expected to bring down food and transportation prices as implementation rolls out.
For businesses, the reform provides relief across different levels. Oyedele stated that small businesses will now enjoy full exemptions from all forms of taxes, while large companies will begin to see a gradual reduction in their tax rates.
He emphasised that the reforms were developed not just to grow government revenue but to create an enabling environment for inclusive economic growth. “The idea is to drive competitiveness, support small businesses, and ensure that the average Nigerian feels the impact of the reforms in their daily lives,” he added.
The Presidential Fiscal Policy and Tax Reform Committee has been spearheading the overhaul of Nigeria’s complex and burdensome tax system, with the goal of building a fairer, simpler, and more efficient structure that supports development and encourages compliance
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, has said Nigeria’s new tax law will ease the cost of living for millions of citizens, scrap personal income tax for low-income earners, and reduce the tax burden on businesses across the board.
Speaking on the goals and benefits of the tax reform, Oyedele said the new framework is “people-centric,” focused on promoting efficiency, shared prosperity, and national competitiveness.
“Whatever doubts the people have, as we begin implementation, they will see that the reform was actually intended for a better Nigeria, shared prosperity, and a greater tomorrow,” he said.
Oyedele revealed that millions of Nigerian workers in both the public and private sectors, especially low-income earners, will now be exempt from Pay-As-You-Earn (PAYE) deductions. “This means more money in their pockets to take care of daily needs,” he said.
He also disclosed that essential goods and services such as food, healthcare, and education have now been placed on zero VAT, making them tax-free at the point of purchase. According to him, this will directly reduce the cost of living and is expected to bring down food and transportation prices as implementation rolls out.
For businesses, the reform provides relief across different levels. Oyedele stated that small businesses will now enjoy full exemptions from all forms of taxes, while large companies will begin to see a gradual reduction in their tax rates.
He emphasised that the reforms were developed not just to grow government revenue but to create an enabling environment for inclusive economic growth. “The idea is to drive competitiveness, support small businesses, and ensure that the average Nigerian feels the impact of the reforms in their daily lives,” he added.
The Presidential Fiscal Policy and Tax Reform Committee has been spearheading the overhaul of Nigeria’s complex and burdensome tax system, with the goal of building a fairer, simpler, and more efficient structure that supports development and encourages compliance
