The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has confirmed that the new tax reforms will take effect on January 1, 2026
Speaking to journalists after the National Tax Policy Implementation Committee (NTPIC), led by Joseph Tegbe, visited President Bola Tinubu in Lagos, Oyedele said the reforms are designed to provide relief to Nigerians and boost economic growth.
He stated, “The plan to commence the two remaining new laws on the 1st of January 2026 will go ahead as planned because these reforms are designed to provide relief to the Nigerian people.
“About 98 per cent of workers will see either no PAYE tax or reduced payments; small businesses, 97 per cent of them, will be exempted from corporate income tax, VAT, and withholding tax, while large businesses will experience a reduction in the taxes they pay.
“The whole idea is to promote economic growth, inclusivity, and shared prosperity for our people. We are excited about the progress and looking forward to January 1, 2026.”
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