No Going Back on January 1 Tax Law Implementation – FG

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, says the January 1, 2026, date for the implementation of the Nigerian Tax Act and the Nigerian Tax Administration Act is sacrosanct.

Oyedele disclosed this on Friday in Lagos while briefing journalists after meeting with President Bola Tinubu.

“The plan to commence the new laws on January 1, 2026, will go ahead as planned on schedule because these reforms are designed to provide relief to the Nigerian people,” he said after the meeting, which was attended by the Chairman of the Federal Inland Revenue Service (FIRS), Zacchaeus Adedeji, and the Chairman of the National Tax Policy Implementation Committee, Joseph Tegbe.

“Bottom 98 per cent of workers will see either no Pay As You Earn (PAYE) tax or lower taxes to be paid, small businesses 97 per cent of them will be exempted from Corporate Income Taxes, Value Added Tax (VAT), and 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 as well as shared prosperity for our people,” he added.

Oyedele welcomed the position of the National Assembly on the allegations about alteration. He said the Federal Government is ready to work with the federal lawmakers to address the concerns raised by Nigerians, including opposition figures.