The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, said that no fewer than 98 per cent of Nigerian workers would be exempted from paying personal income tax when the new tax regime takes effect in January 2026.

Speaking at a public function, Oyedele said the reforms are designed to ease the burden on low-income earners while ensuring equity in the system.

According to him, anyone earning the current national minimum wage of N70,000 will be completely exempted from tax. He added that even those on slightly higher pay, up to N80,000 or N90,000 monthly, will also fall under the exemption threshold.

‘’Only individuals earning above N2 million per month would experience an upward review in personal income tax'' he stressed

Unveiling a raft of incentives targeted at small businesses, Oyedele said enterprises with annual turnover not exceeding N100 million would, from 2026, be exempt from paying value-added tax (VAT).