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Households Earning N250,000 Or Less Monthly Won’t Pay Tax – Oyedele
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The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, said that under the new tax laws, Nigerian households earning ₦250,000 or less per month are classified as poor and exempt from paying taxes.
The former tax leader at PriceWaterhouseCoopers (PwC) stated this on Channels Television’s Politics Today on Thursday, a few hours after President Bola Tinubu assented to four new tax bills.
Oyedele, whom the President appointed in July 2023, described his two-year stint as chair of the tax reform committee as both eventful and challenging.
He said that the objectives of the new laws, which would take effect from January 2026, were not intended to increase taxes but to stimulate economic activity in the country and track tax evaders.
Oyedele stated that the new laws would also protect businesses and ensure that the government doesn’t tax poverty, adding that the new laws are efficiency-driven, growth-focused, and people-centric.
“This tax law will not give you cash in your pocket, but at least it won’t take your cash away if you are poor.”
He said nobody earning below ₦250,000 would have to pay taxes because they don’t even have enough.
“We have eliminated the tax component for people at the bottom, we have reduced for people at the middle, and we have increased slightly for people at the top.
“That middle, we estimated it at about ₦1.8 to ₦2m a month. If you are earning that amount and below, your tax will not be zero but it will reduce from what you are paying today,” he stated, noting that those who earn this amount are about 5% of the total Nigerian population.
President Bola Tinubu shakes Taiwo Oyedele in Abuja after he signed four tax bills into law on June 26, 2025
The tax boss said to arrive at a decision, his committee debated the poverty line of an average Nigerian.
Oyedele said, “We debated this question; we said: ‘Who is a poor person in Nigeria?
“First, we started with data like the World Bank and the UN will tell you two dollars, fifteen cents a day per person means you are at the poverty line but there are people who do not earn two dollars a day but they are not poor because they produce the food that they eat and they do not pay for transportation. I lived and grew up in the village.
“So, we had to factor that in. We drew our own (poverty) line for Nigeria on the basis of an average of five people per family: two people working if they are lucky, taking care of the five.
“When we did the maths, it gave us an amount, and that was what we used in determining the income below which nobody should pay taxes.
“We came up with a ₦120,000 or ₦130,000 per two people working in a household of five. If the earnings are about ₦250,000, they can take care of themselves. Of course, they are not going to have luxury, but at least they can take care of themselves. They are poor, and they shouldn’t pay taxes.”
Oyedele stated that Nigeria currently collects only about 30% of what the country should be receiving in taxes, noting that the objective of the new tax laws is to close the 70% gap.
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NIDEC 2026: Nigeria Will Attract Investment, Create Jobs, Boost Forex Inflows – Enikanolaiye
By Gloria Ikibah
The Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, has said the Nigeria Diaspora Investment Economic Conference (NIDEC) 2026 in Toronto, Canada, is not another diplomatic jamboree but a strategic platform to attract investment, create jobs and increase foreign exchange inflows into Nigeria.
Enikanolaiye stated this on Monday while speaking with journalists at the Nnamdi Azikiwe International Airport, Abuja, shortly before departing for Canada as part of the Federal Government delegation to the four-day conference.
The minister was responding to concerns that similar international engagements in the past had produced limited tangible results and amounted to little more than jamborees.
He said the Tinubu administration’s foreign policy approach, anchored on Demography, Development, Democracy and Diaspora, was focused on measurable economic outcomes.
“This administration does not travel for jamborees. We travel for results. Mr. President has mandated a high-powered delegation led by the Chief of Staff to the President, Hon. Femi Gbajabiamila, because NIDEC 2026 is a deal room for Nigeria’s growth,” the minister said.
According to Enikanolaiye, the presence of senior Canadian officials, including the President of the Treasury Board, Hon. Shafqat Ali, and ministers from Ontario, will provide an opportunity to strengthen Nigeria-Canada economic relations.
He said discussions will focus on new trade agreements, partnerships involving small and medium-sized enterprises and improved market access for Nigerian products in North America.
The minister also said the composition of the Nigerian delegation was deliberately designed to attract investment and generate economic opportunities at both federal and state levels.
He said the participation of the Central Bank of Nigeria, Nigerian Investment Promotion Commission, Nigerian Export Promotion Council and Nigeria Revenue Service would enable Nigeria to present opportunities and incentives for diaspora investment, export expansion and remittance-backed investment vehicles.
Enikanolaiye said the initiative is expected to contribute to increased foreign exchange inflows while supporting job creation in Nigeria.
He also highlighted the participation of five state governors from Anambra, Borno, Kaduna, Plateau and Zamfara, saying their presence would help decentralise investment opportunities beyond Abuja.
According to him, the governors would directly engage potential investors on projects in infrastructure, agriculture, technology and mining within their respective states.
The minister said the conference would also support technology and skills transfer, with the Director-General of the National Information Technology Development Agency, Kashifu Inuwa, part of the delegation.
He said Nigeria will use the platform to explore partnerships in digital innovation, fintech and information technology capacity building as part of efforts to accelerate the country’s digital economy.
On diaspora engagement, Enikanolaiye said NIDEC 2026 was designed to connect investment-ready Nigerian projects with Nigerians in the diaspora and other high-net-worth investors.
He said the conference will also provide an opportunity for the government to strengthen its relationship with Nigerians abroad and address some of the challenges they face when seeking to invest in the country.
The minister noted that Nigeria received more than $20 billion in diaspora remittances last year, stressing the need to convert a significant portion of the funds into productive investments.
“NIDEC 2026 is designed to convert that goodwill into equity, into factories, and into businesses that employ Nigerians,” he said.
Enikanolaiye described the conference as a practical expression of Nigeria’s economic diplomacy and assured prospective investors that the country was ready for business.
“NIDEC 2026 is economic diplomacy in action. Nigeria is open for business. And we are going to Toronto to close deals,” he stated.
The four-day NIDEC 2026, themed “INVEST NIGERIA, THRIVE ABROAD”, will take place from August 12 to 15, 2026, in Toronto, Canada.
The conference is organised by the Nigerians in Diaspora Commission (NiDCOM) in collaboration with the Nigerian High Commission in Ottawa and the Canadian High Commission in Abuja.
The Ministry of Foreign Affairs said the conference would serve as a platform for connecting global capital with bankable investment opportunities in Nigeria.
News
Davido writes Trump to intervene in Osun guber poll
Popular singer, David Adeleke, popularly known as Davido, has called on United States President Donald Trump to pay attention to the situation in Osun State ahead of the upcoming governorship election, citing concerns over tension and possible violence.
In a post on X on Tuesday addressed to Trump, Davido drew the US president’s attention to developments in Osun State as the state prepares for the election.
The singer expressed concerns over growing tension and the possibility of violence, intimidation or disruption of the democratic process, stressing that residents of Osun State deserve to exercise their constitutional right to vote freely, peacefully and without fear.
Davido appealed to the United States and the international community to pay close attention to the election and urged relevant authorities to ensure that every voter is protected and every vote is respected.
He stressed the need to prevent bloodshed and intimidation, while calling for peace, transparency and a free and fair election.
He wrote, “A CALL FOR ATTENTION TO PRESIDENT DONALD TRUMP
“President Donald Trump, I am calling your attention to the situation in Osun State, Nigeria, as we approach the election.
“There are growing concerns about tension and the possibility of violence, intimidation, or disruption of the democratic process. Osun people deserve to exercise their constitutional right to vote freely, peacefully, and without fear.
“I appeal to the United States and the international community to pay close attention to the election and encourage all relevant authorities to ensure that every voter is protected and every vote is respected.
“We do not want bloodshed. We do not want intimidation.
We want peace, transparency, and a free and fair election. @realDonaldTrump”
News
See details of suspected kidnappers behind Enugu Catholic invasion
The details of three suspected members of the kidnapping gang accused of abducting worshippers during an attack on St. Joseph’s Catholic Church, Inoyi-Affa, Udi Local Government Area of Enugu State, have been revealed following their arrest by security operatives.
The suspects were identified as Aliyu Mohammed, Usman Mohammed and Babuga Usman.
Meanwhile, SaharaReporters gathered that Babuga Usman was killed during an alleged gun battle.
The three men were arrested during a joint security operation involving operatives of the Department of State Services (DSS), Nigerian Army and other security agencies following the August 2, 2026 attack on the Catholic church.
The operation also led to the recovery of four AK-47 rifles, seven magazines, 133 rounds of 7.62mm special ammunition, $1,000 and ₦785,900 allegedly belonging to the criminal syndicate.
Recall that on Monday that troops of the Nigerian Army and DSS operatives under Operation UDO KA had arrested a suspected commander of a notorious kidnapping syndicate in Enugu State and recovered a cache of arms, ammunition and cash.
Although, the military authority didn’t reveal the identity of the suspects in the statement, the arrest followed the abduction of worshippers in Udi Local Government Area on August 2.
In a statement issued on Monday, the Acting Deputy Director, Army Public Relations, 82 Division, Lieutenant Colonel Olabisi Olalekan Ayeni, said an earlier operation had resulted in the neutralisation of one member of the syndicate and the arrest of another suspect.
According to Ayeni, information obtained from the arrested suspect enabled security operatives to track the fleeing commander.
“Acting on the intelligence, troops intensified their manhunt and eventually tracked, intercepted, and arrested the syndicate commander as he attempted to flee Enugu State,” he said.
The arrested suspect subsequently led troops to the gang’s hidden armoury inside Umuchingu Ujenike Forest in Udi.
“During the follow-up operation, troops recovered four AK-47 rifles, seven AK-47 magazines, and 133 rounds of 7.62mm special ammunition from the forest hideout,” the Army said.
The military said preliminary investigations indicated that the arrested kingpin was linked to several high-profile kidnapping operations across the South-East and North-Central regions.
The development also comes after the remaining victims of the August 2 attack, including seminarian Lawrence Igbo and Emmanuel Onwudi, were rescued by security agencies.
The Enugu State government said all the kidnapped victims were recovered alive and without injuries.
Governor Peter Mbah, represented by the Secretary to the State Government, Prof Chidiebere Onyia, had disclosed this while parading the arrested suspects at the DSS office in Enugu on Monday night.
Onyia said the victims had identified the arrested suspects as the men responsible for their abduction, but didn’t disclosed their identities.
He also disclosed that ransom was paid during the rescue operation but insisted that the money was used as bait as part of a broader strategy to track the kidnappers.
The kidnapped victims were all recovered and they have been returned safe. None of them lost their lives or were harmed,” Onyia said.
According to him, the security agencies prioritised the safety of the victims throughout the operation.
“Part of what was used was the ransom amount as bait, as part of our strategy. That was not the only strategy,” he said.
Onyia said all the ransom money paid had subsequently been recovered following the arrest of the suspects.
“So yes, ransoms were paid but they have all been recovered completely. They were used strictly as strategy and we have it and nobody was killed,” he said.
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