The Federal Government is considering a new tax policy that would impose a 25% income tax on individuals earning ₦100 million or more per month, according to Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee.
Speaking at the 30th Nigerian Economic Summit in Abuja, Oyedele emphasized the importance of creating a fairer and more efficient tax system. He argued that the majority of taxpayers—about 90%—should not be subject to heavy taxation, while the wealthy must contribute more to government revenue.
“If you earn ₦100 million a month, we are taking up to 25% from the rich people. That’s because we need to balance the books,” Oyedele explained.
He noted that the government is committed to ensuring that taxes are collected from the appropriate individuals, with his committee actively working toward achieving this goal.
The proposed reforms, if passed by lawmakers, are expected to take effect in January 2025. Oyedele stressed that the new structure aims to ease the burden on lower-income earners while promoting fiscal responsibility among high-income individuals.
