The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has reaffirmed that the Federal Government will proceed with the implementation of the Nigerian Tax Act and the Nigerian Tax Administration Act on January 1, 2026, as scheduled.
Oyedele disclosed this on Friday in Lagos while briefing journalists after a meeting with President Bola Tinubu. The meeting was also attended by the Chairman of the Federal Inland Revenue Service (FIRS), Zacchaeus Adedeji, and the Chairman of the National Tax Policy Implementation Committee, Joseph Tegbe.
According to Oyedele, the timeline remains firm because the reforms are structured to ease the tax burden on Nigerians and stimulate broad-based economic growth.
“The plan to commence the new laws on January 1, 2026 will go ahead as scheduled because these reforms are designed to provide relief to the Nigerian people,” he said.
He explained that under the new framework, about 98 per cent of workers will either pay no Pay As You Earn (PAYE) tax or pay significantly less. In addition, approximately 97 per cent of small businesses will be exempted from Corporate Income Tax, Value Added Tax (VAT), and Withholding Tax, while large businesses will benefit from reduced tax obligations.
“The whole idea is to promote economic growth, inclusivity, and shared prosperity for our people,” Oyedele added.
The committee chairman also welcomed the National Assembly’s position on allegations of alterations to the tax bills, noting that the Federal Government is open to working closely with lawmakers to address concerns raised by Nigerians, including opposition voices.
