New Tax Reforms to Begin January 1, 2026, Says Taiwo Oyedele

Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, has confirmed that Nigeria’s new tax reforms will be implemented starting January 1, 2026.

Speaking to journalists after the National Tax Policy Implementation Committee (NTPIC), chaired by Joseph Tegbe, visited President Bola Tinubu in Lagos, Oyedele explained that the reforms aim to ease the tax burden on Nigerians and stimulate economic growth.

He said, “The implementation of the two remaining new tax laws will proceed as scheduled on January 1, 2026. These reforms are designed to provide relief to the Nigerian people.

“About 98 per cent of workers will either pay no PAYE tax or reduced amounts; small businesses, representing 97 per cent of the sector, will be exempted from corporate income tax, VAT, and withholding tax, while larger companies will see a reduction in their tax obligations.

“The goal is to foster economic growth, inclusivity, and shared prosperity. We are pleased with the progress and look forward to the reforms taking effect at the start of the new year.”