Follow Us on Google
From Juliana Taiwo-Obalonye, Abuja
Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, on Boxing Day in Lagos, briefed President Bola Tinubu, who is spending is Yuletide holiday at his residence, on progress report on the reforms.
Oyedele who was accompanied by Chairman of Federal Inland Revenue Service, (Nigeria Revenue Service from January 1, 2026), Zacchaeus Adedeji, and Chairman of the National Tax Policy Implementation Committee, Joseph Tegbe, emerging upbeat from the closed-door session, detailed the rollout of four landmark tax reform laws. “
He reaffirmed Federal Government’s commitment to rolling out the remaining two tax reform laws on January 1, 2026, brushing aside allegations of bill alterations raised by the House of Representatives committee.
He explained that two – the Nigeria Revenue Service Establishment Act and the Joint Revenue Service Establishment Act – kicked off on June 26, 2025. The Nigeria Tax Act and Nigeria Tax Administration Act now stand ready for the new year.
He welcomed the National Assembly’s statement on the alteration probe, pledging full cooperation. “The federal government is committed to working with the National Assembly if and when any action is required,” the official said. “Therefore the plan to commence the new law… 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.”
Other News
Oyedele reiterated that the reforms promise broad relief: the bottom 98% of workers will pay no tax or lower taxes, while 97% of small businesses escape corporate income tax and VAT withholding. Large firms face reduced rates overall.
“We’re actually excited that the progress we’re making, and we’re looking forward to January 1, 2026,” the official added, framing the changes as drivers of “economic growth, inclusivity as well as shared prosperity for he our people”, he said.
He added that preparation has spanned over nine months since the bills hit the National Assembly in October 2024, plus six months of capacity building, system upgrades, and sensitization since signing. Institutions like the new tax office have had time to ramp up, with ongoing private sector engagement ensuring readiness.
On expected revenue, the focus isn’t short-term hauls but long-term gains, Oyedele said, “The plan, the intention for this tax reform is not immediate revenue generation,” the official explained. “We believe that over time, you get revenue from growth when the economy is growing… and as a result of this transformative tax reform, increasing awareness… and therefore improve compliance.”
He added that reforms also axe wasteful incentives, boost tax culture among non-payers, and promote fairness – especially for low-income earners – without rate hikes.
