The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, has announced a sweeping set of 50 tax exemptions and reliefs aimed at easing the financial burden on low-income earners, average taxpayers, and small businesses, as part of Nigeria’s new tax reform framework set to take effect on January 1, 2026.
In a statement released via his official handle on X (formerly Twitter), Oyedele described the package as “one of the most people-focused tax reforms in Nigeria’s recent history,” emphasizing its focus on fairness, simplicity, and inclusiveness within the nation’s fiscal system.
According to him, the reforms are designed to reduce tax pressure on the poor and productive sectors of the economy, while encouraging compliance and improving the ease of doing business.
“From 1 January 2026, the new tax laws will provide many reliefs and exemptions for low-income earners, average taxpayers, and small businesses,” Oyedele said.
1. Personal Income Tax (PAYE):
2. Allowable Deductions and Reliefs for Individuals:
3. Pensions and Gratuities:
4. Capital Gains Tax:
5. Companies Income Tax (CIT):
6. Development Levy:
7. Withholding Tax:
8. Value Added Tax (VAT):
9. Stamp Duties:
Beyond the fiscal reliefs, Oyedele also launched an initiative to promote accurate public awareness about the reforms. He urged Nigerians to nominate social media creators who have been educating their audiences about the new tax laws for a special “Influencing for Good” training program.
According to him, misinformation about taxation spreads fast and often misleads citizens, while accurate and balanced information empowers people and builds trust.
“Misinformation spreads fast, often to the author’s benefit but to the audience’s loss. Accurate information may travel slower, but it empowers everyone and earns lasting trust,” he said.
“Misinformation spreads fast, often to the author’s benefit but to the audience’s loss. Accurate information may travel slower, but it empowers everyone and earns lasting trust,” he said.
In June, President Bola Tinubu signed into law four tax reform bills on key areas of Nigeria’s fiscal and revenue framework.
The four bills include: the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.