Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has unveiled 50 new tax exemptions and reliefs taking effect in 2026 to ease the burden on low-income earners, small businesses, and promote a fairer, more inclusive tax system.
Taiwo Oyedele says the proposed 5% fuel surcharge will not begin until the naira strengthens or oil prices fall, to avoid worsening Nigerians’ financial hardship.
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has assured Nigerians abroad that diaspora remittances and overseas income will not be taxed under the country’s new fiscal reforms.
The Federal Government has initiated sweeping public finance reforms—including digital systems, institutional restructuring, and a unified revenue agency—to enhance transparency and revenue mobilisation ahead of a new tax regime beginning in January.
Foreign investors left a Standard Chartered investor call with Taiwo Oyedele disappointed over Nigeria’s new tax policy, describing his tone as “ideological” and “socialist.”
This explainer provides clear answers to key questions about Nigeria’s new tax law, outlining its major provisions, implications, and how it affects individuals and businesses.
Taiwo Oyedele says Nigerians abroad will not pay taxes on their foreign-sourced pensions, stipends, or remote income as part of ongoing fiscal reforms.
The Economic and Financial Crimes Commission (EFCC) has described tax evasion and other financial offences as a betrayal of national interest and a major setback to Nigeria’s development.
Residents in the Abuja Municipal Area Council (AMAC) have strongly rejected the reintroduction of a TV and radio licence tax, questioning the fairness and timing of the levy.
Nigeria’s tax reforms will exempt up to 98% of citizens from PAYE by January 2026, targeting relief for low-income earners while taxing the wealthy more.