Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has made it clear that the January 1, 2026 implementation date for the Nigerian Tax Act and the Nigerian Tax Administration Act will not be shifted. According to him, the timeline is fixed and central to the success of reforms aimed at easing the burden on ordinary Nigerians and stimulating economic growth.
Speaking after a meeting with President Bola Ahmed Tinubu in Lagos on Friday, Oyedele explained that the reforms are deliberately structured to provide relief for workers and businesses. He noted that about 98 per cent of Nigerian workers will either pay no Pay As You Earn (PAYE) tax at all or pay significantly reduced amounts once the new laws take effect.
Oyedele also revealed that small businesses stand to gain the most, with about 97 per cent expected to be exempted from Corporate Income Tax, Value Added Tax (VAT), and Withholding Tax. According to him, even large businesses will benefit from reduced tax obligations, a move designed to encourage investment, expansion, and job creation.
“The whole idea is to promote economic growth, inclusivity, and shared prosperity for our people,” Oyedele said, stressing that the reforms are not about squeezing citizens but creating a fairer and more productive tax system.
The meeting with President Tinubu was also attended by the Chairman of the Federal Inland Revenue Service (FIRS), Zacchaeus Adedeji, and the Chairman of the National Tax Policy Implementation Committee, Joseph Tegbe, underscoring the government’s commitment to seeing the reforms through.
On concerns about alleged alterations to the tax laws, Oyedele welcomed the National Assembly’s decision to review and re-gazette the Acts. He assured Nigerians that the Federal Government is ready to work closely with lawmakers to address all genuine concerns, while keeping the reform agenda firmly on track.
