• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, September 30, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

How To Calculate Your Tax Rate Under New Law — Oyedele

by Ruth Nwokwu
3 weeks ago
in News
Oyedele
Share on WhatsAppShare on FacebookShare on XTelegram

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele has assured Nigerians that the new tax laws will lighten the burden for most citizens, contrary to widespread fears.

He said about 97 to 98 per cent of Nigerians will either not pay tax at all or less than they currently do once the reforms were fully implemented.

Speaking on Channels Television on Tuesday, Oyedele explained that the committee has developed a digital tax calculator to make it easy for individuals and businesses to determine exactly how much they will pay.

Advertisement

“We have a tax calculator on our website, and you will see the QR code on the screen,” he said. “With your phone, just put in your income, and it will tell you how much tax you are paying now versus the one you will pay under the new law. You will see that for the majority of Nigerians — like 97 to 98 per cent — they will pay no tax or less tax under the new law when it comes into effect.”

Oyedele outlined how the reform affects Nigerians across income brackets:

• Low-income earners: “If you earn ₦100,000 per month or less, you are exempted from paying personal income tax from January. That is even higher than the minimum wage,” he noted.

RELATED NEWS

Tinubu Meets Global Businessmen Belo-Osagie, Ogunlesi, Seeks Boost For Oil, Infrastructure

APC National Chair’s Mum For Burial October 4

Ogungbenro Reelected As Oyo PDP Chairman At State Congress

Lagos Partners Leading Brands To Celebrate Africa’s Fashion Excellence

• Middle class: “If you are a middle-class person who earns around ₦1.8 or ₦1.9 million annually, you will see a deduction in the taxes you pay,” he said.

• High-income earners: “For high-income earners and high-net-worth individuals, there will be marginal increases depending on the size of your income. This is how it’s done everywhere in the world — to protect vulnerable people and let those who can pay a little more, pay a little more,” Oyedele explained.

He added that the tax reform was also designed to support businesses, particularly small and medium-sized enterprises.

“Before, the exemption threshold for corporate income tax was ₦25 million. Under this new law, it is up to ₦100 million,” Oyedele said.

“So if your business makes up to ₦100 million a year, you don’t need to pay corporate income tax. It’s zero per cent. We didn’t have this before.”

Oyedele stressed that one of the committee’s main priorities is tackling Nigeria’s long-standing problem of multiple taxation.

“If you look at the list of taxes and levies, there are more than 60. These were not introduced by this government. What we are doing is asking: “Does this list make sense? Can we repeal many of them and harmonise the ones that are good?”

He added that under the new law, Nigeria could move from over 60 different taxes to fewer than 10, which he described as “a single-digit tax system that will be simpler, fairer, and easier to administer.”

Oyedele also highlighted the persistence of obsolete taxes enshrined in the constitution. “We even have bicycle tax, wheelbarrow tax, radio and TV levies in the constitution,” he revealed. “For us to remove them completely, we need to amend the constitution.”

The tax reform chair emphasised that the process was not about introducing new taxes, as widely feared, but about streamlining and modernising the system for fairness and accountability.

“This government has not introduced any new tax. We are repealing, harmonising, and creating transparency so that ordinary Nigerians can understand what they pay, and businesses can thrive without harassment from multiple agencies,” Oyedele said.

Join Our WhatsApp Channel

SendShare10193Tweet6371Share
Ruth Nwokwu

Ruth Nwokwu

OTHER NEWS UPDATES

Tinubu Meets Global Businessmen Belo-Osagie, Ogunlesi, Seeks Boost For Oil, Infrastructure
News

Tinubu Meets Global Businessmen Belo-Osagie, Ogunlesi, Seeks Boost For Oil, Infrastructure

2 hours ago
Tinubu Condoles APC Chairman Over Mother’s Death
News

APC National Chair’s Mum For Burial October 4

2 hours ago
Ogungbenro Reelected As Oyo PDP Chairman At State Congress
News

Ogungbenro Reelected As Oyo PDP Chairman At State Congress

2 hours ago
Advertisement
Leadership Conference advertisement

LATEST

Tinubu Meets Global Businessmen Belo-Osagie, Ogunlesi, Seeks Boost For Oil, Infrastructure

APC National Chair’s Mum For Burial October 4

Ogungbenro Reelected As Oyo PDP Chairman At State Congress

2027: Jonathan Free To Run, But ‘Nigerians Recall’ His Failures – Presidency

Lagos Partners Leading Brands To Celebrate Africa’s Fashion Excellence

Trump, Netanyahu Unveil New Gaza Peace Plan

JUST-IN: Court Stops PENGASSAN’s Nationwide Strike

Federal Government Cancels Independence Day Parade

Traders Protest Rent Hike At Lagos Trade Fair International Market

PSC Screens 30 Senior Police Officers For Promotion

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.