OYEDELE CLARIFIES NEW TAX LAWS, SAYS REFORMS AIMED AT FAIRNESS, NOT PUNISHMENT
Read Time:1 Minute, 23 Second
By Aishat Momoh. O.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has clarified misconceptions surrounding Nigeria’s new tax laws, assuring citizens that the reforms are not intended to punish anyone but to create a fairer and more efficient system.
Speaking during a meeting with editors in Lagos, Oyedele said the new framework is designed to fund government operations in a more transparent and organized manner while reducing the tax burden on low-income earners.
“It’s in the interest of society for the tax system to work. That way, government is funded in an orderly manner,” he said.
He dismissed viral claims that the reforms target specific groups, including sex workers, describing such reports as unfounded. According to him, the changes represent “gradual progress toward a fairer and simpler tax system.”
Oyedele announced that starting January 1, 2026, workers earning the national minimum wage or less will be exempted from paying income tax a policy that will remain valid even if the minimum wage is reviewed upward.
He also clarified that the widely discussed ₦800,000 tax exemption threshold applies to net income calculated after deductions for pension, insurance, and rent reliefs not to gross earnings as widely speculated.
However, Oyedele admitted that workers in the informal sector, such as traders and transporters, may not experience immediate benefits, as harmonizing multiple local levies will require constitutional amendments that may not be ready before the next fiscal year.
The new tax laws, expected to take effect in early 2026, aim to establish a more transparent and citizen-friendly tax system that funds national development without deepening economic hardship.
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
0
0