FG plans 25% income tax on wealthy Nigerians

Oct. 15, 2024 - Daily Post Nigeria

Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms has said that the federal government has proposed that personal income for rich people will increase to 25 percent from 2025. According to him, the new tax policy contained in the Economic Stabilization Bill currently at the National Assemblywill see wealthy Nigerians earning above N1.

5 million pay more taxes in the coming months. Citing a survey by NEGS, he said only 17 percent of Nigerians and 30 percent of businesses pay taxes because of a lack of trust in the Nigerian government.

“The rich people earning N1.5 million above will see their personal income tax rise by up to 25 percent.

“Only 17 percent of Nigerians pay taxes, as well as 30 percent of businesses and one of the reasons is because they don’t trust the government...