Paraphrased Content:Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has announced that households with a monthly income of ₦250,000 or less will not be required to pay personal income tax under the proposed tax reforms. Speaking at a recent event, Oyedele explained that this move aims to alleviate the financial burden on low-income earners and promote equity in Nigeria’s tax system.
He clarified that the reforms are focused on ensuring that only those with sufficient income contribute to the tax pool, while the majority, who fall below the new income threshold, will be protected. According to him, about 95% of Nigerians currently do not pay income tax, and the reform will make the system more just and efficient rather than increasing taxes.
Oyedele also addressed concerns about multiple taxation and emphasized that the reform would harmonize taxes and reduce compliance costs, ensuring a fairer and more streamlined tax environment for both individuals and businesses.
