President Bola Ahmed Tinubu’s administration has unveiled an ambitious fiscal reform plan that will exempt about 98 percent of Nigerian workers from paying the Pay-As-You-Earn (PAYE) tax by January 2026, according to Mr. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee.
Speaking at the 31st Nigerian Economic Summit in Abuja, Oyedele explained that the move is part of President Tinubu’s broader economic vision to protect low-income earners, reduce inequality, and create a fairer tax system. He noted that under the new framework, higher-income earners will contribute more, while companies with an annual turnover of up to ₦100 million will enjoy zero tax obligations.
The comprehensive reform also targets a reduction in corporate tax rates, improved transparency, and increased efficiency in revenue collection. Economists say the initiative demonstrates President Tinubu’s commitment to fostering inclusive growth and stimulating productivity by reducing the financial burden on average Nigerian workers and small businesses.
