The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has reaffirmed that Nigeria’s new tax reforms will officially take effect on January 1, 2026, stressing that the measures are designed to ease the burden on citizens and stimulate economic growth.
Oyedele gave the assurance while speaking to journalists after a visit by the National Tax Policy Implementation Committee (NTPIC), led by its chairman, Joseph Tegbe, to President Bola Tinubu at his Lagos residence.
According to Oyedele, the rollout of the remaining tax reform laws will proceed as scheduled, with significant relief targeted at workers and businesses across the country.
ALSO: Inside Nigeria’s Banking Recapitalisation Drive: Winners, Late Movers and M&A Signals
“The plan to commence the two remaining new laws on the 1st of January 2026 will go ahead as planned because these reforms are designed to provide relief to the Nigerian people,” he said.
He explained that under the new tax regime, about 98 per cent of workers will either pay no Pay-As-You-Earn (PAYE) tax or pay significantly reduced rates, while 97 per cent of small businesses will be exempted from corporate income tax, value-added tax (VAT), and withholding tax.
Oyedele added that larger businesses would also benefit from reduced tax obligations, noting that the broader objective of the reforms is to encourage economic expansion, inclusivity, and shared prosperity.
“The whole idea is to promote economic growth, inclusivity, and shared prosperity for our people. We are excited about the progress so far and are looking forward to January 1, 2026,” he said.
The reforms form part of the Tinubu administration’s broader fiscal strategy aimed at improving Nigeria’s tax system, boosting productivity, and easing financial pressure on citizens and enterprises.
