Living Life

Starting January 1, 2026, Nigerians — including minimum wage earners and small business owners — are set to enjoy tax reliefs and exemptions under the country’s new tax reform laws. Taiwo Oyedele, chairman of the Presidential Fiscal Policy and Tax Reforms Committee, announced in a post on X on Monday that the reforms include 50 different tax exemptions and relief measures aimed at easing the financial burden on citizens and boosting economic growth. He said that with the implementation of the law from 1 January 2026: 1. individuals earning the N70,000 national minimum wage or less will be exempted from personal income tax (PAYE). 2. Individuals whose annual gross income is N1,200,000 (translating to about N800,000 taxable income) is exempt. 3. There will be reduced PAYE tax for those earning annual gross income up to N20 million. 4. Gifts received will also not be taxed. 𝐀𝐥𝐥𝐨𝐰𝐚𝐛𝐥𝐞 𝐃𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧𝐬 & 𝐑𝐞𝐥𝐢𝐞𝐟𝐬 𝐟𝐨𝐫 𝐢𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥𝐬 - for N...