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FG Clarifies New Tax Reform Bills, Debunks Social Media Misinformation

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The Federal Government has reiterated key details of the Tax Reform Bills set to take effect in January 2026, following what it described as misinformation being circulated online, notably by social media influencer Tunde Ednut.

According to the government official, @DOlusegun through his verified X page said, the new personal income tax adopts a progressive structure, ensuring that low-income earners pay little or no tax while higher earners contribute more. The breakdown is as follows:

First ₦800,000 – 0% (tax-exempt)

Next ₦2.2 million – 15%

Next ₦9 million – 18%

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Next ₦13 million – 21%

Next ₦25 million – 23%

Above ₦50 million – 25%

This framework, officials say, is designed to protect low-income earners while promoting fair wealth distribution.

For Company Income Tax (CIT), the current threshold of ₦25 million annual turnover before taxation has been increased to ₦50 million. This, the government explained, will allow small businesses to grow before becoming taxable.

President Bola Ahmed Tinubu has emphasized that the policy targets “the fruit which has reached maturity,” not the seed, in order to stimulate economic growth.

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The reform will also abolish multiple taxation by consolidating numerous levies across all tiers of government into a single tax unit, thereby reducing administrative burdens on individuals and businesses.

Authorities describe the act as a “game-changer” aimed at accelerating growth, reducing inequality, and lowering inflation, urging Nigerians to disregard fake news and online distortions of the policy’s intent.

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𝗙𝗼𝗹𝗹𝗼𝘄 𝗢𝘂𝗿 𝗪𝗵𝗮𝘁𝘀𝗔𝗽𝗽 𝗖𝗵𝗮𝗻𝗻𝗲𝗹 𝗧𝗼 𝗚𝗲𝘁 𝗟𝗮𝘁𝗲𝘀𝘁 𝗡𝗲𝘄𝘀 𝗔𝘀 𝗜𝘁'𝘀 𝗗𝗿𝗼𝗽!

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