Presidency Champions Tax Overhaul As Nigeria’s Gateway To Ending Mass Poverty

Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has expressed confidence that the proposed Tax Reform Bill will play a key role in reducing poverty and improving the lives of everyday Nigerians.....KINDLY READ THE FULL STORY HERE▶

Speaking at the Spokespersons’ Summit organized by the Nigerian Institute of Public Relations (NIPR) in Abuja, Oyedele explained that the bill is tailored to bring real change, especially for low-income earners and small businesses.

He highlighted key components of the bill, such as the exemption of low-income individuals from Personal Income Tax (PAYE) and the elimination of Value Added Tax (VAT) on essential goods and services, including food, education, and healthcare.

In addition, the bill proposes a zero per cent Corporate Income Tax (CIT) for small enterprises — a move designed to ease the burden on struggling businesses.

Despite its clear benefits, Oyedele acknowledged some public skepticism, noting that taxation is often met with resistance due to poor public trust in government spending.

“Taxation isn’t exactly popular. People naturally don’t like parting with their money, and it’s worse when they can’t see how it’s being used to improve their lives,” he remarked.

Oyedele stated that the committee’s approach was to first understand the root issues by engaging stakeholders and analyzing data to develop a reform tailored to Nigeria’s unique context.

“Our solution is based on input from Nigerians, backed by data, and designed by Nigerians, for Nigerians,” he said. “This is exactly what we’ve done with the Tax Reform Bill, which is now close to being signed into law by the President.”

He expressed optimism that, once implemented, the reform would begin to positively impact citizens at the grassroots level.

“Our goal is to empower Nigerians to create wealth and thrive. Only then, when they succeed, should they be expected to pay taxes — not before,” he emphasized.

Oyedele concluded by affirming that while the journey is far from over, there is growing public understanding and support for the bill’s mission.