Chairman, Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has disclosed that between 97 and 98 per cent of Nigerian workers are exempted from the pay-as-you-earn (PAYE) tax under the new tax law.
He added that the Federal Government generated about N3.36 trillion in revenue last year. Speaking at a session during the ongoing 31st Nigerian Economic Summit (NES31) in Abuja, Oyedele explained that the new tax laws, scheduled to take effect from January 2026, are designed to shield low-income earners and individuals living around the poverty line from additional financial burdens.
He noted that the reform was part of wider efforts to create a fairer and more efficient tax system that encourages compliance while supporting inclusive economic growth.
According to him, the new laws are expected to bring down the corporate tax rate from 30 per cent to 25 per cent.
“So, these reforms are designed to improve the governance system around the whole revenue generation, including tax, including accountability as to how they’re spent.”
