The Nigeria Revenue Service (NRS) today announced that the new tax laws are designed to help the poorest people in Nigeria the most. These changes aim to make life easier for everyday Nigerians by focusing taxes on big profits and success, not on basic needs or low-income families.
The new laws, which started last year, remove Value Added Tax (VAT) from basic food items and essential transport. This is a big win for poor households because about 90% of their money goes to buying food.
"We are taxing prosperity, not poverty," said Dr. Zacchaeus Adedeji, Executive Chairman of the NRS. "No new taxes will hit the poor. There are no bank account deductions, no taxes on pensions, and no charges on money sent home by family abroad."
These reforms also protect small businesses and low earners. For example, companies making less than N25 million a year do not have to pay company income tax. Personal income tax exemptions have been raised to help workers keep more of their earnings. The goal is to create a fairer system that boosts the economy and reduces hardship for millions.
Dr. Adedeji added, "The poor are the main winners here. By cutting taxes on essentials, we put more money back in their pockets for food, health, and education. This is about building a stronger Nigeria for everyone."
The NRS urges all Nigerians to learn about these changes and ignore false rumors. Security agencies have been alerted to handle any unrest from misinformation.