Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, has confirmed that Nigeria’s new tax reforms will take effect on January 1, 2026.
Addressing journalists after the National Tax Policy Implementation Committee (NTPIC), chaired by Joseph Tegbe, met with President Bola Tinubu in Lagos, Oyedele explained that the reforms are designed to ease the tax burden on Nigerians and encourage economic growth.
He said, “The implementation of the remaining two new tax laws will proceed as planned on January 1, 2026. These reforms aim to provide relief for the Nigerian people.
“Nearly 98 per cent of workers will either pay no PAYE tax or reduced amounts; small businesses, making up 97 per cent of the sector, will be exempt from corporate income tax, VAT, and withholding tax, while larger businesses will benefit from lower taxes.
“The overarching goal is to promote economic growth, inclusivity, and shared prosperity. We are pleased with the progress and look forward to January 1, 2026, when these reforms will come into effect.”
