The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has reaffirmed that the implementation of Nigeria’s new tax reforms will commence on January 1, 2026.
Oyedele said the reforms, anchored on recently enacted tax laws, are aimed at easing the tax burden on Nigerians while stimulating economic growth and promoting shared prosperity.
He spoke on Friday while addressing journalists during a visit by members of the National Tax Policy Implementation Committee to President Bola Tinubu at his Lagos residence. The delegation was led by the committee’s chairman, Mr Joseph Tegbe.
According to Oyedele, the reforms will significantly reduce personal income tax obligations for most workers, with about 98 per cent of employees expected to pay either lower Pay-As-You-Earn (PAYE) taxes or none at all.
He also disclosed that about 97 per cent of small businesses would be exempted from corporate income tax, value-added tax (VAT) and withholding tax, while large companies would benefit from reduced tax rates.
“The plan to commence the two remaining new tax laws on January 1, 2026, will go ahead as scheduled. These reforms are designed to provide relief to the Nigerian people,” Oyedele said.
He added that the overarching goal of the reforms is to promote economic growth, inclusivity and long-term prosperity across the country, expressing optimism about their positive impact on households and businesses.
“We are encouraged by the progress so far and look forward to the full implementation of the reforms from January 1, 2026,” he said.
