By Adenike Lawal
In a major tax policy shift, the Presidential Committee on Fiscal Policy and Tax Reforms has announced that all taxable Nigerians must pay income tax, regardless of the source.
Taiwo Oyedele, the committee’s chairman, made this known during a live Twitter (X) discussion titled “Tax Reform Bills: Clarifying the Sticky Issues.”
He explained that the reform aims to create a fair economic environment by ensuring that every citizen contributes to national revenue.
“Once we identify your revenue, including data from international sources, you must first pay the tax,” Oyedele stated, adding that the government will investigate individuals with unexplained income only after they have met their tax obligations.
The new policy, set to take effect in 2025, mandates that all employees declare their total annual income, irrespective of its source.
Authorities will use aggregated data to scrutinize inconsistencies in declarations.
Oyedele clarified that the reform is not about increasing taxes but ensuring fairness.
Over 90% of Nigerian workers, he noted, would see tax reductions, with those earning up to N1 million annually exempt from income tax, while individuals earning below N5 million monthly would enjoy lower rates.
“This time, there will be data, and everyone will know it’s not a joke,” he affirmed, emphasizing the government’s commitment to financial transparency and fiscal modernization.
