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Nigerian celebrities to pay 25 percent tax – Oyedele
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The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said that wealthy Nigerians earning N100m and above monthly will face a 25 per cent personal income tax rate if a new tax bill is passed by the National Assembly.
He stated that 90 per cent of the current taxpayers are people who should not be taxed while advocating for a more streamlined and equitable tax system in the country.
This revelation was made during a breakout session at the ongoing 30th Nigeria Economic Summit organised by the Nigerian Economic Summit Group and the Ministry of Budget and National Planning on Monday in Abuja.
Oyedele emphasised the need to strike a balance between easing the tax burden for lower-income earners and ensuring the wealthy contribute more to government revenue.
“If you earn N100m a month, we are taking up to 25 per cent from the rich people. That’s because we need to balance the books,” Oyedele stated.
The fiscal policy expert said the government is prepared and determined to ensure that the right individuals pay taxes, noting that his committee is actively working to achieve the goal.
He added that the proposed changes are expected to take effect from January 2025, based on the passage of the bill by lawmakers.
For middle-income earners making N1.5m or less per month, Oyedele disclosed that their personal income tax obligations would decrease while those earning higher amounts would see incremental increases in their tax rates, eventually reaching 25 percent. Lower-income earners would be fully exempt from personal income tax.
The reforms also aim to ease the tax burden on businesses.
Oyedele noted: “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.”
“People will pay tax once we decide that they have to pay. What we realize is that almost 90 per cent of people who are paying taxes are those who should not have been paying in the first place,” he said.
“So that’s where we came up with the data that 97 per cent of the informal sector should be formally exempted from taxes. People do not understand where we are coming from. They’re not the ones to pay taxes. They’re just trying to survive.”
Regarding how his committee is working to ensure the right individuals pay taxes, Oyedele said the team would utilise primary data identification channels to accurately bring the appropriate group of taxpayers into the tax bracket.
Additionally, the corporate income tax rate is set to drop from 30 per cent to 25 per cent which Oyedele described as “huge” for businesses. Other significant tax adjustments include a reduction or elimination of VAT on essential goods and services such as food, health, education, accommodation, and transportation.
These essential services make up a large portion of household expenditure for the lower-income population, and the proposed reforms aim to lessen their financial burden.
However, Oyedele acknowledged that not all sectors would benefit from reduced tax rates. For other goods and services, the VAT rate would increase to ensure the government’s revenue book balance.
He also pointed out that inflation had already acted as a “disorderly” tax on the population, eroding the value of their money without the need for legislation.
In addressing concerns over tax incentives and waivers, Oyedele argued that indiscriminate incentives harm the economy and that removing unnecessary incentives could relieve the business sector without costing the government revenue.
“We cannot give all the incentives you are asking for. We think the biggest low-hanging fruit is removing these incentives, and that’s exactly what we are doing,” Oyedele concluded.
By Gloria Ikibah
The House of Representatives has approved a three-month extension of the implementation period for the capital component of the 2025 Appropriation Act, shifting the deadline from June 30 to September 30, 2026.
The decision was taken during an emergency sitting held on Monday, as lawmakers moved swiftly to ensure the continued execution of capital projects captured in the national budget.
The legislation, which seeks to amend the Appropriation (Repeal and Enactment) Act, 2025, was designed to provide additional time for Ministries, Departments and Agencies to complete ongoing projects and fully utilise funds earmarked for capital expenditure.
In an unusually rapid legislative process, the bill passed through its first, second and third readings during the same plenary session after members suspended the relevant provisions of the House Standing Orders to facilitate its consideration.
Leading debate on the general principle of the bill, House Leader, Rep. Julius Ihonvbere, said the extension was necessary as several capital projects captured in the 2025 budget had not been fully implemented.
He emphasised that the amendment was not intended to alter any provision of the budget but merely to extend its lifespan by three months to allow ongoing projects to be completed.
He said: “It is very straightforward. Because some aspects of the capital appropriation will not be fully implemented, if we do not extend the life of this particular law, it will have a very grave impact on the growth and development of the national economy.
“The purpose essentially is to extend the lifespan. We are not touching any part of the law. It is simply extending the lifespan from June 30, 2026 to September 30, 2026. I urge my colleagues to approve this so that we can continue with the work of developing and growing our economy and country”.
Presiding over the session, Speaker of the House, Rep. Abbas Tajudeen, acknowledged that the records provided by the Chairman House Committee on Appropriations and other relevant agencies revealed that implementation of the capital budget was yet to be completed.
“As you are aware, the 2025 budget was extended to June 30. From the records we received from the Chairman, Appropriations, and other relevant quarters, it is yet to be fully implemented. It is therefore in the best interest of this country and the National Assembly for us to extend the budget to September 30 to enable the Federal Government fulfil its obligations under the 2025 budget,” the Speaker said.
Following the adoption of the bill at second reading, the House dissolved into the Committee of Supply where it had the clause by clause consideration of the bill, and approved the three clauses, explanatory memorandum and long title of the bill.
The committee subsequently reported back to plenary, where lawmakers adopted its recommendations and suspended House rules to allow the bill to be read a third time and passed the same day.
The accelerated passage reflects growing concern over the pace of implementation of key infrastructure and development projects, many of which require additional time to reach completion.
With the approval, government agencies now have until the end of September to execute projects funded under the capital component of the 2025 budget, a move expected to prevent disruptions to ongoing works and improve budget performance.
The extension is also aimed at ensuring that resources already allocated for development projects are effectively utilised before the capital budget expires.
With the passage of the amendment, federal ministries, departments and agencies now have an additional three months to implement capital projects and utilize funds appropriated under the 2025 budget.
Meanwhile, the House also announced changes in the leadership of some standing committees.
The appointments are as follows:
• Rep. Ali Madaki – Chairman House Committee on Special Duties
• Rep. Ali Isa J.C. – Chairman House Committee on Shipping Services,
• Rep. Pascal Agbodike – Chairman House Committee on Small and Medium Enterprises Development Agency of Nigeria (SMEDAN),
• Rep. Kelechi Nwogu – Chairman House Committee on Hydrological Services
The Speaker urged the newly appointed committee chairmen to assume their responsibilities immediately and bring their legislative experience to bear in advancing the work of the House.
News
Day 4 of projects commissioning as President TInubu set to commission newly constructed Court of Appeal Building
President Tinubu will commission the newly constructed Court of Appeal (Abuja Division) Building today, 15/6/26 as FCT projects commissioning enters Day 4.
#FCTProjects2026
#RenewedHopeFCT
Plateau State commissioner for Health, Dr Nicholas Baamlong, has revealed that the state recorded 11 confirmed cases of cholera, five deaths and 53 suspected cases.
Baamlong, who disclosed this to journalists yesterday in Jos, said the confirmed and suspected cases were reported in Pushit, Mangu 1 and Mangu 2 communities in Mangu local government area (LGA).
According to him, the state Ministry of Health is intensifying public health interventions to contain the outbreak, prevent further spread and reduce its impact on affected communities.
He explained that the state had taken decisive actions to control the outbreak and protect its citizens via the deployment of additional Response Teams (RRTs) to the affected wards, scaling up of treatment centres and isolation capacity and the emergency procurement of Rapid Diagnostic Tests Kits, intravenous fluids and essential drugs.
The Commissioner further said that the ministry had activated an Incident Management System (IMS), for a comprehensive and multi sectorial response to the outbreak.
“The activation of the IMS ensures a coordinated, efficient, and accountable response structure in line with national and international emergency response frameworks,” he said.
Baamlong explained that cholera was an acute diarrhoeal disease caused by consuming food or water contaminated with the bacterium Vibrio cholerae.
He urged residents of Mangu LGA and neighbouring communities to remain vigilant and take preventive measures, including drinking safe water, maintaining proper hand hygiene, avoiding open defecation, and ensuring proper waste disposal.
He also advised residents to promply report suspected cases of cholera to the nearest healthcare facility for immediate attention.
While reaffirming the state government’s commitment to safeguarding the health and well-being of residents, Baamlong called on development partners and other stakeholders to support ongoing response efforts.(NAN)
2025 Capital Budget Gets New Lease of Life as Reps Push Deadline to September
Day 4 of projects commissioning as President TInubu set to commission newly constructed Court of Appeal Building
Cholera Outbreak: Plateau Records 5 Deaths, 11 Confirmed Cases
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