Presidency Says Tax Reform Bill Aims To Reduce Poverty And Empower Nigerians

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, said the Tax Reform Bill will greatly reduce poverty and empower ordinary Nigerians.

Speaking at the Spokespersons’ Summit organised by the Nigerian Institute of Public Relations (NIPR) in Abuja, Oyedele expressed confidence in the bill’s positive impact, especially for low-income earners and small businesses.

He outlined major features of the proposed reform, such as exempting low-income earners from Personal Income Tax (PAYE) and removing Value Added Tax (VAT) on essential goods and services like food, education, and healthcare.

The bill also proposes a zero per cent Corporate Income Tax (CIT) rate for small businesses. Oyedele admitted that while the bill offers significant benefits, it has also faced criticism and misconceptions.

“Tax issues are not always popular because people find it difficult to part with their money—especially when they can’t see the benefits of what the government is doing with it,” he said.

“That is exactly what we have done with the tax reform bill, which is now close to being passed and signed by the President,” he added.

According to him, the committee’s approach was to identify challenges through data and design a solution tailored to Nigeria’s needs.

Oyedele emphasized that once implementation begins, Nigerians will start to experience tangible improvements.

According to him, the committee’s approach was to identify challenges through data and design a solution tailored to Nigeria’s needs.