Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has asserted that the proposed Tax Reform Bill is poised to significantly reduce poverty levels and uplift the average Nigerian.
Speaking at the Spokespersons’ Summit hosted by the Nigerian Institute of Public Relations (NIPR) in Abuja, Oyedele outlined how the bill is designed to deliver impactful changes—particularly for low-income earners and small-scale businesses.
He outlined the bill’s main provisions, which include removing the Value Added Tax (VAT) on necessities like food, healthcare, and education, as well as exempting low-income individuals from Personal Income Tax (PAYE).
A zero percent Corporate Income Tax (CIT) rate for small businesses is also suggested under the reform plan. Oyedele pointed out that despite the initiative’s obvious benefits, there has been some public opposition and misunderstanding.
“This is because taxation and taxation issues are not the most appealing to the average person because it is difficult to part with your money,” he explained.
“When you part with your money and you don’t know exactly what the government is using it for that benefits you, it is even harder,” he continued.
The committee’s approach, according to Oyedele, was based on determining the fundamental issues by speaking with stakeholders and then applying data-driven tactics to develop a solution that was especially suited to Nigeria’s circumstances.
“After that, we will use data to interact with the populace and create a Nigerian solution that is created by Nigerians for Nigerians,” he stated. “With the tax reform bill that is almost ready for the president to sign, we have done just that.”
Oyedele expressed optimism about the bill’s effects after it is put into effect, emphasizing that common Nigerians, particularly those at the bottom of the income scale, will start to see noticeable improvements.
We do this because we want Nigerians to be able to succeed and build riches. They will pay taxes when they get wealthy, not the other way around.
Therefore, we think that the Nigerian people are responding well to this message. We are glad to continue the adventure, even though there is still a long way to go,” Oyedele said.