FG Confirms Tax Reforms Starting January 2026

The Federal Government confirmed that reforms in Personal Income Tax (PIT) and Company Income Tax (CIT) will begin in January 2026 to align with the fiscal year. The Chairman of the Federal Inland Revenue Service (FIRS), Zaccheus Adedeji, clarified the government's borrowing strategy, emphasizing the legitimacy of borrowing to finance projects.

Adedeji highlighted the shift from direct overdraft financing to structured federal loans, aiming to stabilize the economy and ease exchange rate pressures. The reforms aim to enhance tax collection efficiency and ensure proper financing for infrastructure projects.