Taiwo Oyedele, chairman of the Presidential Fiscal Policy and Tax Reforms Committee, has stated that if a new tax bill is approved by the National Assembly, wealthy Nigerians earning N100 million or more monthly will face a personal income tax rate of 25%.
He shared this information during a breakout session at the ongoing 30th Nigeria Economic Summit in Abuja on Monday, October 14.
Oyedele emphasized the need to strike a balance that eases tax burdens on low-income individuals while ensuring that higher earners contribute more to government revenue.
He said, “If you earn N100 million a month, we’re taking up to 25 percent from the rich people. That’s because we need to balance the books.
“Today, whatever VAT you (businesses) pay on assets—whether you’re building a factory, buying a laptop, or vehicles—you bear it. This increases your cost, and therefore, your pricing will go up. Once our reforms are implemented, you get the credit back 100 percent on services and assets