Nigeria Unveils 50 Tax Exemptions for Low-Income Earners and SMEs from 2026

The Nigerian government has unveiled a significant tax reform initiative, introducing 50 tax exemptions for low-income earners and small businesses effective from January 1, 2026. The relief package, announced by the Chairman of the Presidential Fiscal Policy Tax Reform Committee, Taiwo Oyedele, aims to support low-income individuals and micro, small, and medium-sized enterprises (MSMEs).

The exemptions include full income tax exemption for individuals earning the national minimum wage or less, zero personal tax for those with an annual gross income below N1.2 million, and various tax reliefs for businesses meeting specific criteria. These measures are designed to simplify the country's tax system and encourage compliance.