Menu Close

Nigerian Government releases 50 tax exemptions, reliefs under new Tax Reforms Laws (Full List)

ConsumerConnect
Mr. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee

*Taiwo Oyedele, Chairman of Nigeriaโ€™s Presidential Fiscal Policy and Tax Reforms Committee, lists several reliefs and exemptions for low-income earners, average taxpayers, and small businesses with effect from January 1, 2026, across the West African country

Isola Moses | ConsumerConnect

The Federal Government of Nigeria has announced and released 50 tax exemptions and reliefs for Nigerians, small-scale businesses and organisations under new Tax Reforms Laws.

Mr. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, who disclosed this development in announcement vis his verified social media handle, said effective from January 1, 2026, the countryโ€™s new tax laws would provide several reliefs and exemptions for low-income earners, average taxpayers, and small businesses in the economy.

Health Alert: Regulators recall 141,984 bottles of Atorvastatin calcium tablets over likely loss of potency

Oyedele listed them as follows:

๐๐ž๐ซ๐ฌ๐จ๐ง๐š๐ฅ ๐ˆ๐ง๐œ๐จ๐ฆ๐ž ๐“๐š๐ฑ ๐จ๐ซ ๐๐€๐˜๐„

  1. Individuals earning the national minimum wage or less (exempt)
  2. Annual gross income up to โ‚ฆ1,200,000 (translating to about โ‚ฆ800,000 taxable income) is exempt
  3. Reduced PAYE tax for those earning annual gross income up to โ‚ฆ20 million
  4. Gifts (exempt)

๐€๐ฅ๐ฅ๐จ๐ฐ๐š๐›๐ฅ๐ž ๐ƒ๐ž๐๐ฎ๐œ๐ญ๐ข๐จ๐ง๐ฌ & ๐‘๐ž๐ฅ๐ข๐ž๐Ÿ๐ฌ ๐Ÿ๐จ๐ซ ๐ข๐ง๐๐ข๐ฏ๐ข๐๐ฎ๐š๐ฅ๐ฌ

  1. Pension contribution to PFA
  2. National Health Insurance Scheme
  3. National Housing Fund contributions
  4. Interest on loans for owner-occupied residential housing
  5. Life insurance or annuity premiums
  6. Rent relief – 20% of annual rent (up to โ‚ฆ500,000)

READ ALSO: GOCOP, IPC Sign MoU On Advancing Inclusive Reporting Of Gender Issues In Democratic Process

Nigeriaโ€™s Tax Reforms Committee Seeks 20 Content Creators For Special Training, Accurate Tax Information

Tinubu Applauds Ademola Adenle, Winner Of Global M.S. Swaminathan Award For Food And Peace

๐๐ž๐ง๐ฌ๐ข๐จ๐ง๐ฌ & ๐†๐ซ๐š๐ญ๐ฎ๐ข๐ญ๐ข๐ž๐ฌ – ๐„๐ฑ๐ž๐ฆ๐ฉ๐ญ

  1. Pension funds and assets under the Pension Reform Act (PRA) are tax-exempt.
  2. Pension, gratuity or any retirement benefits granted in line with the PRA
  3. Compensation for loss of employment up to โ‚ฆ50 million

C๐š๐ฉ๐ข๐ญ๐š๐ฅ ๐†๐š๐ข๐ง๐ฌ ๐“๐š๐ฑ (๐‚๐†๐“) – ๐„๐ฑ๐ž๐ฆ๐ฉ๐ญ

  1. Sale of an owner-occupied house
  2. Personal effects or chattels worth up to โ‚ฆ5 million
  3. Sale of up to two private vehicles per year
  4. Gains on shares below โ‚ฆ150 million per year or gains up to โ‚ฆ10 million
  5. Gains on shares above exemption threshold if the proceed is reinvested
  6. Pension funds, charities, and religious institutions (non-commercial)

๐‚๐จ๐ฆ๐ฉ๐š๐ง๐ข๐ž๐ฌ ๐ˆ๐ง๐œ๐จ๐ฆ๐ž ๐“๐š๐ฑ (๐‚๐ˆ๐“) – ๐„๐ฑ๐ž๐ฆ๐ฉ๐ญ

  1. Small companies (turnover not more than โ‚ฆ100 million and total fixed assets not more than โ‚ฆ250 million) pay 0% tax
  2. Eligible (labelled) startups are exempt

The Chairman of the Committee urged Nigerians to See the Full Document for more, and share the information with everyone who needs to know.

Kindly Share This Story

 

Kindly share this story