The head of Nigeria’s Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has announced that the newly proposed Tax Reform Bill is designed to combat poverty and empower everyday Nigerians by easing tax pressures and promoting inclusive growth.
Speaking at the Spokespersons’ Summit organized by the Nigerian Institute of Public Relations in Abuja, Mr. Oyedele highlighted the transformative potential of the bill, particularly for low-income earners and small-scale businesses.
He explained that the proposed legislation introduces several citizen-friendly provisions, including the complete exemption of low-income Nigerians from personal income tax. Additionally, essential sectors such as food, healthcare, and education would be free from Value Added Tax (VAT), thereby reducing the cost burden on households.
In a move aimed at fostering small business growth, the bill also proposes a zero per cent corporate income tax for qualifying small enterprises. According to Mr. Oyedele, these measures are designed to directly benefit the masses, despite the mixed reactions the bill has received since its introduction.
“Taxation is not always a popular subject, especially when people don’t see how their contributions are improving their lives,” he noted. “This reform is grounded in understanding the root issues, using data to guide our decisions, and creating homegrown solutions tailored for Nigeria by Nigerians.”
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He added that the Tax Reform Bill is now at an advanced stage, awaiting final legislative approval before it is presented to the President for assent.
Mr. Oyedele expressed confidence that the bill’s implementation would have a visible impact on the lives of everyday Nigerians, especially as it lifts tax burdens off the shoulders of vulnerable groups. While public opinion on the reform has been divided, he maintained that the ultimate goal is to create a more inclusive, transparent, and fair tax system that works for all.
