Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has disclosed significant changes to Nigeria’s tax structure aimed at creating a more equitable system.
Speaking on the reforms, Oyedele revealed that high-income earners making over N100 million monthly will now contribute 25 percent of their earnings as tax. On the other hand, 30 percent of Nigerians earning between N50,000 and N70,000 monthly will enjoy full tax exemptions, providing relief to low-income workers.
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The reforms are part of a broader effort to address income inequality and boost government revenue. While the policy has been praised for targeting wealthier citizens, critics are awaiting details on implementation and enforcement.
Further clarifications and updates are expected from the committee in the coming weeks.
