New Tax Law Calculator: Nigerians to Pay Less Tax, Middle Class Affected

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy Tax Reforms, reassured Nigerians about the new tax law, stating that 97-98% will pay less tax once fully implemented. Oyedele introduced a digital tax calculator to help individuals and businesses determine their tax obligations easily.

Under the new law, those earning below a certain threshold are exempt from personal income tax, with middle-class earners experiencing marginal increases based on income size. The reform aims to protect vulnerable groups and ensure fair taxation.

Oyedele emphasized that the tax changes are designed to benefit the majority of Nigerians and promote compliance.