Tax Reform Bill Will Lift Nigerians Out Of Poverty – Presidency Assures

Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has asserted that the proposed Tax Reform Bill is poised to significantly reduce poverty levels and uplift the average Nigerian.

Speaking at the Spokespersons’ Summit hosted by the Nigerian Institute of Public Relations (NIPR) in Abuja, Oyedele outlined how the bill is designed to deliver impactful changes—particularly for low-income earners and small-scale businesses.

He highlighted the major features of the bill, which include exempting low-income earners from Personal Income Tax (PAYE) and scrapping Value Added Tax (VAT) on essential services and goods such as food, education, and healthcare.

Additionally, the reform package proposes a zero per cent Corporate Income Tax (CIT) rate for small enterprises. Despite the clear advantages, Oyedele noted that the initiative has faced some public resistance and misconceptions.

He explained, “This is because the issues of tax and taxation are not the most attractive to the ordinary person because it is hard to part with your money.”

“It is even harder when you part with your money, and you cannot tell what exactly the government is using it for that benefits you,” he added.

According to Oyedele, the committee’s method was rooted in identifying the underlying challenges by listening to stakeholders and using data-driven strategies to craft a solution tailored specifically to Nigeria’s context.

“Then we will use data to engage with the people and design a solution for Nigeria that is made by Nigerians for the Nigerian people,” he said. “That is exactly what we have done with the tax reform bill which is now nearing passage for the President to sign.”

Expressing confidence in the bill’s impact once implemented, Oyedele stressed that everyday Nigerians—especially those at the lower end of the income ladder—will begin to experience meaningful benefits.

“This is because we want Nigerians to be able to create wealth and become successful. When they make it big time, then they will pay taxes, not the other way round.

“So, we believe that this message is resonating with the Nigerian people. It is still a long way to go, but we are happy to continue with the journey,” Oyedele concluded.