The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, has assured Nigerians that the new tax reforms, effective January 2026, will significantly reduce the tax burden for most citizens, countering widespread misinformation on social media.

Oyedele explained that under the new system, low- and middle-income earners, small businesses, and even large companies will enjoy relief. “You will pay less or no tax if you are in the bottom 98% of income earners,” he said, adding that essential goods and services, including food, education, and healthcare, will become cheaper as VAT on these items will be removed.

The reforms also aim to promote business growth. Small companies will pay zero corporate tax and be exempt from VAT, while large companies will benefit from lower corporate taxes and VAT credits on costs. Oyedele described the changes as a “reduced tax burden for everyone—individuals, SMEs, and large firms.”

Addressing circulating rumours, he dismissed claims that new taxes would be introduced, bank accounts forcibly debited, or online earnings targeted. He warned that misinformation has real financial consequences, citing a case where someone missed a profitable investment due to false fears of a 30% Capital Gains Tax.

Oyedele attributed the spread of misleading commentary to low tax literacy in Nigeria and urged citizens to question unverified claims. He stressed that the reforms are meant to support economic growth, ease household pressure, and create a fairer, clearer tax environment.