Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, has said that a proposed tax bill could impose a 25% income tax on Nigerians earning N100 million or more per month.
Speaking at the ongoing 30th Nigeria Economic Summit in Abuja, Taiwo also pointed out that 90% of current taxpayers shouldn’t be taxed, and called for a fairer and more efficient tax structure in the country.
Oyedele emphasised the need to strike a balance between easing the tax burden for lower-income earners and ensuring the wealthy contribute more to government revenue.
“If you earn N100m a month, we are taking up to 25 per cent from the rich people. That’s because we need to balance the books,” Oyedele stated.
He said the government is prepared and determined to ensure that the right individuals pay taxes, noting that his committee is actively working to achieve the goal.
He added that the proposed changes are expected to take effect from January 2025, based on the passage of the bill by lawmakers.
