Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has affirmed that the proposed Tax Reform Bill is designed to combat poverty and provide greater support for everyday Nigerians.
Speaking during the Spokespersons’ Summit hosted by the Nigerian Institute of Public Relations in Abuja, Oyedele expressed optimism about the transformative impact of the bill, particularly on small businesses and citizens with low income.
He explained that the reform seeks to exempt low-income earners from paying personal income tax and eliminate value-added tax (VAT) on basic necessities such as food, healthcare, and education.
Additionally, the bill proposes a zero percent corporate income tax for small enterprises—a move Oyedele believes will ease financial pressure on micro and small business operators.
While acknowledging that tax issues are often met with skepticism, Oyedele stressed that the reform is focused on transparency, inclusiveness, and long-term public benefit.
“People generally struggle to relate to taxation when they don’t clearly see how their contributions are used,” he said.
He noted that the reform process was data-driven and aimed at addressing core challenges through homegrown solutions developed with input from Nigerians.
“This bill was crafted by Nigerians to serve the interests of Nigerians, and it’s now nearing the stage of presidential assent,” he noted.
Oyedele assured that once implementation begins, citizens—particularly those in lower income brackets—will begin to experience tangible relief and improvements in their financial well-being.
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