FG proposes 25% tax rate on wealthy Nigerians earning N100 million monthly

Oct. 15, 2024 - Nairametrics

The Federal government is looking at imposing a 25% tax rate on individuals earning N100 million and above monthly in the country. He also noted that those who earn over N100 million monthly that is the rich should pay a 25% tax.

Oyedele explained that the 25% tax on the rich was needed to strike a balance that eases the tax burden on low-income earners while ensuring that higher-income individuals contribute more to government revenue. He said, “If you earn N100 million a month, we’re taking up to 25 percent from the rich people.

Tax burden of Nigerian businessesBusinesses in Nigeria bear a high tax burden to the plague of multiple taxation prevalent across the country...