The chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has confirmed that the new tax reforms will take effect starting January 1, 2026.
Oyedele assured that the reforms under the new tax laws are intended to provide relief to Nigerians and stimulate economic growth.
He disclosed this while addressing journalists following the visit of the National Tax Policy Implementation Committee, NTPIC, chaired by Joseph Tegbe, to President Bola Tinubu at his residence in Lagos.
According to Oyedele: “The plan to commence the two remaining new laws on the 1st of January 2026 will go ahead as planned on schedule because these reforms are designed to provide relief to the Nigerian people.
“Bottom 98 per cent of workers will see either no PAYE tax or lower taxes to be paid; small businesses, 97 per cent of them, will be exempted from corporate income tax, VAT, withholding tax, and large businesses will see a drop in the taxes that they pay.
“The goal of these reforms is to promote economic growth, inclusivity, and shared prosperity for our citizens. We are encouraged by the progress made so far and eagerly anticipate the rollout on January 1, 2026.”
