Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, has officially reaffirmed that the implementation of the country’s new tax reforms will proceed as scheduled, commencing on January 1, 2026.
Meeting with the President
Oyedele made the disclosure while addressing journalists following a visit to President Bola Tinubu’s Lagos residence. He was accompanied by the National Tax Policy Implementation Committee (NTPIC), led by Joseph Tegbe.
Relief for the Masses
The chairman assured the public that the core objective of the new laws is to stimulate economic growth and offer significant financial relief to Nigerians, rather than increase the burden.
He explained:
“The plan to commence the two remaining new laws on the 1st of January 2026 will go ahead as planned on schedule because these reforms are designed to provide relief to the Nigerian people.”
Specific Benefits
Breaking down who stands to gain, Oyedele highlighted that the vast majority of workers and small businesses will see their tax obligations disappear or significantly reduce.
He stated:
“Bottom 98 per cent of workers will see either no PAYE tax or lower taxes to be paid; small businesses, 97 per cent of them, will be exempted from corporate income tax, VAT, withholding tax, and large businesses will see a drop in the taxes that they pay.”
Shared Prosperity
He concluded by expressing optimism about the future impact of these policies on the nation’s economy.
“The whole idea is to try and promote economic growth, inclusivity, and shared prosperity for our people. We are actually excited at the progress we are making, and we are looking forward to January 1, 2026.”