TAX REFORMS: Wealthy Nigerians Earning N100m per Month to Pay 25% Tax

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Taiwo Oyedele, Chairman, Presidential Tax Reforms Committee.

Mr Taiwo Oyedele, the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, has announced that if a new tax bill is passed by the National Assembly, wealthy Nigerians earning N100 million or more each month will be subject to a personal income tax rate of 25 percent.

This insight was shared during a breakout session at the ongoing 30th Nigeria Economic Summit held in Abuja on Monday, October 14.

Oyedele highlighted the importance of finding a middle ground that relieves tax pressures on low-income individuals while also ensuring that higher earners make a greater contribution to government finances.

He said, “If you earn N100 million a month, we’re taking up to 25 percent from the rich people. That’s because we need to balance the books.

“Today, whatever VAT you (businesses) pay on assets—whether you’re building a factory, buying a laptop, or vehicles—you bear it. This increases your cost, and therefore, your pricing will go up. Once our reforms are implemented, you get the credit back 100 percent on services and assets,” he said.

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