Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has affirmed that the proposed Tax Reform Bill is a transformative step toward reducing poverty and economically empowering ordinary Nigerians.
Speaking at the Spokespersons’ Summit organized by the Nigerian Institute of Public Relations (NIPR) in Abuja, Oyedele expressed strong optimism about the far-reaching benefits the bill would bring, particularly for low-income earners and small businesses across the country.
According to him, one of the major objectives of the reform is to ease the tax burden on vulnerable groups while promoting equity and inclusive growth. “The bill seeks to exempt low-income earners from paying Personal Income Tax (PAYE), and also removes Value Added Tax (VAT) from essential goods and services such as food, education, and healthcare,” he said.
He further revealed that the reform also proposes a zero per cent Corporate Income Tax (CIT) rate for small businesses, a move aimed at stimulating entrepreneurship and allowing small enterprises to grow without the initial strain of heavy taxation.
While Oyedele acknowledged that the bill has faced criticisms and misconceptions since its introduction, he urged Nigerians to see it as a people-centered policy designed to uplift the poor and strengthen the economy. “The benefits are real and substantial, especially for the masses,” he added.
He assured stakeholders that the committee remains committed to open dialogue and public engagement to clarify the intentions behind the bill and ensure that its implementation reflects the needs of the people.
The Tax Reform Bill is part of the federal government’s broader strategy to overhaul Nigeria’s fiscal structure, improve revenue generation, and create a more business-friendly environment that supports sustainable development and poverty alleviation.
