New Tax Laws to Reduce Burden on Low-Income Nigerians – Oyedele.
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- New Tax Laws to Reduce Burden on Low-Income Nigerians – Oyedele.
New Tax Laws to Reduce Burden on Low-Income Nigerians – Oyedele.
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has stated that Nigeria’s newly signed tax laws are designed to ben
efit low-income earners and small businesses.
Speaking to reporters at the State House following President Bola Tinubu’s signing of four tax-related bills into law, Oyedele described the reforms as “pro-poor,” highlighting their goal of easing financial pressure on everyday Nigerians.
He explained that over one-third of workers in both the private and public sectors will now be completely exempt from paying Pay-As-You-Earn (PAYE) tax. “These individuals will no longer pay personal income tax,” he said.
Additionally, more than 90% of small, micro, and nano businesses will no longer be required to pay corporate income tax, charge Value Added Tax (VAT), deduct withholding tax, or handle PAYE for employees.
Oyedele also introduced a zero-rated VAT policy for essential items such as food, healthcare, and education, which he said should lead to a reduction in prices. He emphasized that the reforms exempt sectors where Nigerians spend most of their income, including transportation, housing, and accommodation together accounting for over 80% of household expenditures.
“These measures will put more money in the hands of ordinary Nigerians,” Oyedele said.
Beyond tax relief, the reforms aim to improve transparency and efficiency in tax collection and ensure that public funds are better tracked and used for the benefit of the people.
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Faith Kegh
Content & Editorial Manager - Leads the creation, review, and publication of high-quality news and media content. She ensures that all editorial work reflects the organization’s standards of accuracy, professionalism, and relevance, while also engaging and informing the audience.
As the key driver of TokinPoint Media LTD's editorial voice, the manager oversees content planning, assigns tasks to writers or editors, enforces deadlines, and ensures consistency across all platforms. She also plays a strategic role in aligning content with audience interests and search engine optimization (SEO) best practices.