The Bola Ahmed Tinubu-led administration plans to impose more tax on Nigerians earning ₦5 million and above per month.
This was made known by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms.
“We are proposing that the personal income tax rate should be reduced for anybody who is earning around ₦2 million per month or less but the personal income tax rate should be increased for anybody earning ₦5 million per month or more. Between ₦2 million and ₦5 million, your PIT rate would remain the same,” he said.
“If you earn ₦5 million or more, your tax rate needs to go up. We are still working on the details with the governors because they are the ones mostly affected by this. In Nigeria today, if you earn ₦20 million per year, your tax rate is 19 per cent. If you earn ₦1 billion monthly, your tax rate is the same. So our tax rate is not progressive,” he said.
Get instant and latest news updates via Our WhatsApp Community or Google News online channel.
