Households Earning Below ₦250,000 Monthly Exempt from Tax – Oyedele
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has revealed that Nigerian households earning ₦250,000 or less per month will be exempt from paying taxes under the new tax laws signed by President Bola Tinubu. Oyedele, a former tax leader at PriceWaterhouseCoopers (PwC), stated that the new laws aim to stimulate economic activity, track tax evaders, and protect businesses while ensuring the government doesn’t tax poverty.
According to Oyedele, the new tax laws are designed to be efficiency-driven, growth-focused, and people-centric. “This tax law will not give you cash in your pocket, but at least it won’t take your cash away if you are poor,” he said. He explained that the committee debated the poverty line of an average Nigerian, taking into account the unique economic realities of the country.
The committee determined that households earning ₦250,000 or less per month are considered poor and should not pay taxes. Oyedele noted that this category accounts for a significant portion of the Nigerian population, while those earning between ₦1.8 million and ₦2 million per month, about 5% of the population, will experience a reduction in taxes.
Oyedele also highlighted that Nigeria currently collects only about 30% of what the country should be receiving in taxes, and the objective of the new tax laws is to close the 70% gap. The new laws are expected to take effect from January 2026 and are designed to promote economic growth and reduce the tax burden on low-income earners. #Households Earning Below ₦250,000 Monthly Exempt from Tax – Oyedele#
Presco Price Upswings- Strong Outlook with Cautious Optimism
