Taiwo Oyedele says 98% of Nigerian workers and most small businesses will be exempted from personal income tax and several other taxes under the new fiscal reforms taking effect in January 2026.
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, announced that “no fewer than 98 per cent of Nigerian workers” will be exempt from paying personal income tax from January 2026, with individuals earning between N70,000 and N90,000 monthly falling under the exemption threshold.
He added that only those earning above N2 million monthly would see an upward tax review, while SMEs with turnover below N100 million will no longer pay VAT, and withholding tax on their services will also be removed. Oyedele said the reforms introduce zero-rated VAT for agriculture, healthcare and education sectors, and unveiled a new Tax Ombudsman Office to protect SMEs from harassment, assuring that “nobody would just come and seal up your premises or harass you.”
He clarified that most investors are exempt from capital gains tax, highlighted faster tax refunds, and advised families to use NELFUND for education support. He also debunked fears about TIN requirements, noting the rule has applied only to business accounts since 2020.