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Tinubu Considers 25% Income Tax For High Earners, Targets Wealthy Nigerians Above N100 Million
If you earn N100m a month, we are taking up to 25 per cent from the rich people.
Abuja, Nigeria — The federal government, under President Bola Tinubu, is considering a 25% income tax for Nigerians earning over N100 million monthly, according to Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee.
Speaking at the 30th Nigeria Economic Summit in Abuja, Oyedele disclosed that the proposed tax bill aims to target the wealthiest Nigerians while easing the burden on low- and middle-income earners.
He noted that around 90% of current taxpayers should not be taxed under the new system, stressing the need for a fairer, more efficient tax framework.
“This policy is designed to address inequality in our tax system by ensuring that those who earn more contribute more to government revenues,” said Oyedele.
“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.
He 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.