According to a tweet report by Arise Television on June 26, 2025, in a significant move towards fiscal restructuring, Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, announced that Nigeria’s ongoing tax overhaul will reduce the tax burden on the middle class while slightly increasing it for the wealthy. This reform is said to be part of a broader strategy to balance the national budget.
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Oyedele emphasized the need for equity, stating, “The middle class will see a decline in tax burdens while the rich will see a slight increase. This is because we need to balance the books as much as possible. We have been very intentional in balancing out both the rich and the poor. Everyone benefits.” This approach is siad to aim to address Nigeria’s historically low tax-to-GDP ratio of approximately 10.8%, which is notably below the continental average, prompting urgent revenue-enhancing measures.….KINDLY READ THE FULL STORY HERE▶
