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Nigerian celebrities to pay 25 percent tax – Oyedele

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2 years ago

October 15, 2024

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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.

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Tinubu’s assent to FMC Oleh Bill ends decades of federal neglect, says IDU President

Published

1 hour ago

July 16, 2026

EMMANUEL AGAJI

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The President of the Isoko Development Union (IDU), Prof. Chris Akpotu, has described President Bola Tinubu’s assent to the bill establishing the Federal Medical Centre (FMC) in Oleh, Delta State, as a historic milestone that ends decades of perceived federal neglect of the Isoko people.

Speaking on AIT’s Kaakaki programme on Thursday, Akpotu said the approval of the FMC had given the Isoko nation a renewed sense of belonging in the Nigerian federation after years of lacking meaningful federal presence.

He expressed appreciation to President Tinubu for signing the bill into law, saying the gesture had restored hope among the people of Delta South Senatorial District, particularly the Isoko ethnic nationality.

“This is one moment the people of Delta South Senatorial District, especially the Isoko people, will continue to celebrate because it reflects our long history of deprivation,” he said. “For once, we have been made to believe that we truly belong to the Federal Republic of Nigeria and now have a reason to celebrate federal presence in our land.”

Akpotu also commended Senator Joel-Onowakpo Thomas, who represents Delta South Senatorial District, for sponsoring the bill, describing him as an effective representative who understood the developmental needs of his constituents.

He further praised the Nigerian Senate for passing the legislation and acknowledged the role played by lawmakers in ensuring its eventual assent by the President.

“When the bill was passed by the Senate, we hoped it would not end like many others that never received presidential assent. We thank God that President Tinubu renewed our hope by signing it into law,” he said.

According to the IDU president, the establishment of the Federal Medical Centre would significantly improve healthcare delivery in Delta South while creating employment opportunities during its construction and subsequent operation.

He noted that beyond providing quality healthcare services, the hospital would generate jobs for construction workers, medical professionals and other support staff, thereby boosting the local economy.

Akpotu lamented that despite Isoko’s enormous contribution to Nigeria’s economy through oil and gas production, the ethnic nationality had received little in terms of federal appointments and infrastructure over the years.

“You cannot discuss Nigeria’s GDP or foreign reserves without acknowledging the contributions of the Isoko people. Yet, for decades, we have had little or no federal presence to celebrate,” he said.

He added that the people had neither produced a minister nor headed major federal agencies such as the Niger Delta Development Commission (NDDC), making the establishment of the FMC particularly significant.

The IDU president appealed to President Tinubu to facilitate the immediate commencement of construction work on the project to ensure that the benefits of the legislation are quickly realised.

He assured that the Isoko Development Union would continue to engage relevant stakeholders to ensure the successful implementation of the project.

“We appeal to Mr. President to ensure early commencement of construction so that this historic gesture translates into tangible benefits for our people. The IDU will continue to work with all stakeholders to ensure the project comes to fruition,” Akpotu said.

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If Umahi’s daughter was found naked and dead in a poor man’s house Nigeria would’ve been on fire-Dalung

Published

2 hours ago

July 16, 2026

EMMANUEL AGAJI

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Ex- Minister of Youth and Sports, Barrister Solomon Dalung, has criticised what he described as double standards in the investigation into the death of physiotherapist Mary Habila, saying the public response would have been entirely different if the victim had been the daughter of a government official

Dalung made the remark while reacting to the controversy surrounding Habila’s death at the country residence of the Minister of Works, David Umahi, in Uburu, Ohaozara Local Government Area of Ebonyi State.

Speaking in a video shared on social media, the former minister questioned the pace and manner of the investigation, arguing that ordinary Nigerians are often subjected to harsher scrutiny than powerful public office holders.

“If Umahi’s daughter had been found naked in a poor man’s house, Nigeria would be burning,” Dalung said, suggesting that the circumstances surrounding Habila’s death would have attracted a different level of public outrage and official response if the roles had been reversed.

Mary Habila, a 26-year-old physiotherapist from Kaduna State, was found dead at Umahi’s residence on June 27, 2026. She was reportedly attached to the David Umahi Federal University of Health Sciences and had been seconded to the Federal Ministry of Works.

Umahi has since confirmed the incident, describing Habila as a dedicated member of staff who had worked with him for about three years. He said emergency medical personnel were contacted immediately after she was found unresponsive and disclosed that he advised the family to consent to an autopsy to determine the exact cause of death.

The minister has repeatedly denied allegations of any cover-up, insisting that he has nothing to hide and supports a thorough investigation into the circumstances surrounding the physiotherapist’s death.

Meanwhile, the Nigeria Police Force transferred the case to the Ebonyi State Criminal Investigation Department (CID) for further investigation, as public interest in the incident continues to grow.

Dalung’s remarks add to the increasing calls for transparency and accountability in the investigation, with many Nigerians demanding that the case be thoroughly investigated and that its outcome be made public regardless of the status of those involved.