Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, has announced that Small and Medium Enterprises (SMEs) will benefit from reduced taxes starting January 2026, when the new tax law comes into effect.
He made the remarks at the 24th annual conference of Women in Management, Business, and Public Service, currently taking place at the Eko Hotel, Victoria Island, Lagos.
During a fireside chat titled “The New Tax Law and You,” Oyedele explained that the tax reforms are designed to be people-focused and are not intended to place an undue burden on Nigerians.
He said, “So the reforms are people-centric. They focus on efficiency and growth, and you see how we’ve translated each of these into the letters of the new tax law.”
Addressing the tax payable by SMEs, he said, “ So, from January next year, you will pay less tax. I will give you the examples. So, currently, you’re earning 30, 40k. You pay tax. But from next year, it will be newly introduced.
“From next year, minimum wage earners will not pay tax. Above minimum wage, up to 500,000 per month, will not pay any tax. Because they’re exempted from KYE.
“Then, for the current minimum wage earners, above two million, you see slight increases. Some of them will be N2,000, maybe N 3,000.”
Nigerians will benefit from 50 new tax exemptions and reliefs, including low-income earners, small businesses, and average taxpayers.
