BREAKING: FG Vows To Begin New Tax Regime Amid Controversy

FG has vowed to begin new tax regime amid controversy.

 

NewsOnline Nigeria reports that the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has reiterated that Nigeria’s new tax reforms will officially take effect on January 1, 2026, insisting that the policy changes are designed to ease the burden on citizens and drive economic growth.

 

Oyedele gave the assurance while briefing journalists after members of the National Tax Policy Implementation Committee (NTPIC), led by Joseph Tegbe, paid a courtesy visit to President Bola Tinubu at his Lagos residence.

 

According to him, all preparations are on track to implement the remaining components of the new tax laws as scheduled.

 

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“The plan to commence the two remaining new laws on January 1, 2026, will go ahead as planned because these reforms are deliberately structured to provide relief to Nigerians,” Oyedele said.

 

He explained that under the new regime, about 98 per cent of Nigerian workers will either pay no Pay-As-You-Earn (PAYE) tax or enjoy significantly reduced tax obligations. He also disclosed that approximately 97 per cent of small businesses will be exempt from corporate income tax, value-added tax (VAT), and withholding tax.

 

Oyedele added that large businesses will equally benefit from lower tax rates, stressing that the reforms are aimed at promoting inclusiveness, economic expansion, and shared prosperity.

 

“The whole idea is to stimulate economic growth and ensure that prosperity is shared across the board. We are encouraged by the progress so far and are looking forward to the full rollout on January 1, 2026,” he stated.

 

The reforms form part of the Tinubu administration’s broader strategy to restructure Nigeria’s tax system, boost compliance, and create a more business-friendly environment.