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

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

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

*Taiwo Oyedele, Chairman of Nigeria’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 country’s new tax laws would provide several reliefs and exemptions for low-income earners, average taxpayers, and small businesses in the economy.

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Oyedele listed them as follows:

𝐏𝐞𝐫𝐬𝐨𝐧𝐚𝐥 𝐈𝐧𝐜𝐨𝐦𝐞 𝐓𝐚𝐱 𝐨𝐫 𝐏𝐀𝐘𝐄

Individuals earning the national minimum wage or less (exempt)
Annual gross income up to ₦1,200,000 (translating to about ₦800,000 taxable income) is exempt
Reduced PAYE tax for those earning annual gross income up to ₦20 million
Gifts (exempt)

𝐀𝐥𝐥𝐨𝐰𝐚𝐛𝐥𝐞 𝐃𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧𝐬 & 𝐑𝐞𝐥𝐢𝐞𝐟𝐬 𝐟𝐨𝐫 𝐢𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥𝐬

Pension contribution to PFA
National Health Insurance Scheme
National Housing Fund contributions
Interest on loans for owner-occupied residential housing
Life insurance or annuity premiums
Rent relief – 20% of annual rent (up to ₦500,000)

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𝐏𝐞𝐧𝐬𝐢𝐨𝐧𝐬 & 𝐆𝐫𝐚𝐭𝐮𝐢𝐭𝐢𝐞𝐬 – 𝐄𝐱𝐞𝐦𝐩𝐭

Pension funds and assets under the Pension Reform Act (PRA) are tax-exempt.
Pension, gratuity or any retirement benefits granted in line with the PRA
Compensation for loss of employment up to ₦50 million

C𝐚𝐩𝐢𝐭𝐚𝐥 𝐆𝐚𝐢𝐧𝐬 𝐓𝐚𝐱 (𝐂𝐆𝐓) – 𝐄𝐱𝐞𝐦𝐩𝐭

Sale of an owner-occupied house
Personal effects or chattels worth up to ₦5 million
Sale of up to two private vehicles per year
Gains on shares below ₦150 million per year or gains up to ₦10 million
Gains on shares above exemption threshold if the proceed is reinvested
Pension funds, charities, and religious institutions (non-commercial)

𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐈𝐧𝐜𝐨𝐦𝐞 𝐓𝐚𝐱 (𝐂𝐈𝐓) – 𝐄𝐱𝐞𝐦𝐩𝐭

Small companies (turnover not more than ₦100 million and total fixed assets not more than ₦250 million) pay 0% tax
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.

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

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