BREAKING: New tax reforms begin January 1, says Taiwo Oyedele

The chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has reaffirmed that the implementation of the new tax reforms will commence on 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 whole idea is to try and promote economic growth, inclusivity, and shared prosperity for our people. We are actually excited at the progress we are making, and we are looking forward to January 1, 2026.”