FG proposes 25% tax on wealthy Nigerians earning above N100m monthly

He also noted that those who earn over N100 million monthly that is the rich should pay a 25% tax.

The Federal government is looking at imposing a 25% tax rate on individuals earning N100 million and above monthly in the country.

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele stated this at a breakout session during the Nigeria Economic Summit organised by the NESG.

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 also stated the federal government plans paying back to businesses 100% of the Value Added Tax (VAT) paid by them on asset and services.

According to him, businesses paying VAT on assets such as cars, laptops etc increases their overall cost which contributes to inflation.

He said, “If you earn N100 million a month, we’re taking up to 25 percent from the rich people. That’s because we need to balance the books.”