The Presidential Committee on fiscal policy and tax reforms, under the leadership of Mr. Taiwo Oyedele, has recommended a decrease in the personal income tax rate for Nigerians with monthly earnings below N2 million and an increase in the rate for individuals earning above N5 million.
During the public assessment workshop discussing the proposed changes to the country’s tax laws in Lagos, he made this statement.
He said, “We are proposing that personal income tax rate should be reduced for anybody who is earning around N2 million per month or less but the personal income tax rate should be increased for anybody earning N5 million per month or more. Between N2 million and N5 million, your PIT rate would remain the same.”
