The chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has reiterated that the new tax reforms will commence on January 1, 2026.
He stated this while addressing newsmen following the visit of the National Tax Policy Implementation Committee (NTPIC), chaired by Joseph Tegbe, to President Bola Tinubu at his residence in Lagos.
He promised that the reforms under the new tax laws are intended to provide relief to Nigerians and stimulate economic growth.
Oyedele stated that the reforms aimed to promote economic growth, inclusivity, and shared prosperity.
According to Oyedele, “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.
“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.
“The whole idea is to try and promote economic growth, inclusivity, and shared prosperity for our people.+See more details
We are actually excited at the progress we are making, and we are looking forward to January 1, 2026.”
𝗙𝗼𝗹𝗹𝗼𝘄 𝗢𝘂𝗿 𝗪𝗵𝗮𝘁𝘀𝗔𝗽𝗽 𝗖𝗵𝗮𝗻𝗻𝗲𝗹 𝗧𝗼 𝗚𝗲𝘁 𝗟𝗮𝘁𝗲𝘀𝘁 𝗡𝗲𝘄𝘀 𝗔𝘀 𝗜𝘁'𝘀 𝗗𝗿𝗼𝗽!
