The Federal Government on Friday insisted it would proceed with the January 1, 2026, implementation of the Nigeria Tax Act and Tax Administration Act despite ongoing controversy over alleged alterations in the gazetted versions of the laws.
Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, made the position known after briefing President Bola Tinubu in Lagos, declaring that the reforms are designed to provide relief to Nigerians rather than generate immediate revenue.
“The plan to commence the new law, the two remaining new laws on the first of January 2026, will go ahead as planned, on schedule, because these reforms are designed to provide relief to the Nigerian people,” Oyedele told journalists.
His stance came hours after the National Assembly ordered the re-gazetting of the four tax reform laws following public outcry over alleged discrepancies between what lawmakers passed and the versions published in the Official Gazette.
Oyedele emphasised that the reforms would significantly reduce the tax burden on the overwhelming majority of Nigerians.
“Bottom 98 per cent of workers will see either no pay 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 paid,” he stated.
(Punch)
