Abuja, Nigeria – June 27, 2025 —
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele, has expressed a deep sense of fulfilment following President Bola Ahmed Tinubu’s recent signing into law of four key tax reform bills, which he described as a major turning point in Nigeria’s economic policy framework.
According to Oyedele, the new laws—comprising the Nigeria Tax Bill, Tax Administration Bill, Revenue Service Bill, and the Joint Tax Board Bill—will simplify the nation’s tax system, promote fairness, enhance compliance, and encourage inclusive growth.
He explained that the reforms include full tax exemption for individuals earning ₦250,000 or less monthly, and a zero VAT rate on essential goods and services such as food, housing, education, healthcare, and public transportation.
“These measures are not about putting more money in people’s pockets directly, but rather ensuring that government doesn’t take away the little the poor already have,” Oyedele stated.
He emphasized that the reform marks the conclusion of a crucial legislative phase and the beginning of a more demanding implementation journey. Oyedele noted that the new tax laws are expected to take effect from January 1, 2026, allowing time for sensitisation, system adjustments, and institutional readiness.
He also commended President Tinubu’s leadership and political will, highlighting that the reforms are designed to position Nigeria as a more attractive destination for private investment and better aligned with global economic standards.
Oyedele reaffirmed his committee’s commitment to ensuring smooth and effective implementation of the new policies, which are also expected to strengthen Nigeria’s competitiveness under the African Continental Free Trade Area (AfCFTA).
“The road ahead is long, but this is a critical step that gives us a platform to build a fairer and more efficient tax system,” he concluded.