The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has maintained that over 90 per cent of workers in the public and private sectors would be paying lower taxes if the tax reforms go through.
Oyedele said this on Monday on his X handle, which he uses to educate the citizenry about the implications of the reforms.
In October 2024, President Bola Tinubu introduced four Tax Reform Bills to the National Assembly to overhaul Nigeria’s tax system. The Bills—the Nigeria Tax Bill 2024, the Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill—were to consolidate existing tax laws, streamline tax administration, and enhance revenue generation.
Highlighting how the reforms would affect personal income tax, Oyedele said, “Individuals earning about N1.7m or less per month will pay lower PAYE tax under the Bills while those earning the new minimum wage and slightly more will be fully exempted.
“These thresholds will result in over 90 per cent of workers in the public and private sectors paying lower taxes while high-income earners will pay slightly more in a progressive manner, up to 25 per cent for the ultra-high net worth individuals.”
