The Nigerian government is considering imposing a 25% income tax on individuals earning more than N100 million per month, according to Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee. Oyedele revealed this proposed tax during the ongoing 30th Nigeria Economic Summit in Abuja, highlighting efforts to create a more equitable tax system.
Oyedele stressed that 90% of current taxpayers should be exempt from additional taxes, emphasizing the need to relieve the financial burden on lower-income earners while ensuring wealthier individuals contribute more to the nation’s revenue. “If you earn N100 million a month, we are taking up to 25 percent from the rich people,” he said, noting that the government is working toward balancing the nation’s financial books.
The proposed tax, which is part of a broader fiscal policy reform, is expected to take effect in January 2025, pending the bill’s approval by lawmakers. Oyedele reaffirmed the government’s commitment to ensuring the right individuals pay taxes and to implementing a fair and efficient tax structure that promotes economic growth.
