**Lagos, Nigeria** – E be like say Nigeria don finally shake body as President Bola Tinubu don sign four new tax laws wey go ginger change for our economy! With styling and fi fiyin, di new laws go help people wey dey hustle small and bring relief for low-income earners. Talk about paddy no go carry wahala!
When Tinubu announce am, e yarn say di aim na to simplify tax collection, reduce burden on people wey no too get money, and still make dem increase governmental income (because money no fit fall from heaven, abi?).
One major ogbonge thing wey dey inside di new laws be say, if person dey earn less than 1 million naira yearly, dem go gree give am rent relief of 200,000 naira. Quickly do di math, that one mean say you no go dey pay any income tax. Na free money be dat (so make you no carry am go buy root beer jare!).
Plus, sellers wey dey sell important goods like food, healthcare, and all di baby essentials no go need to charge VAT again. This one go help families wey dey try dey cope. Small businesses wey dey turnover below 50 million naira? E get as e be o, dem go gree make dem waka free without dey pay company income tax! E go sweet like sugar!
And na big company too go benefit. Di corporate tax rate go drop from 30% to 27.5% in 2025 and 25% in di years wey go follow. Na better gi dem VAT credits too, so dem fit recover di 7.5% dem don pay on expenses and assets. We dey talk say anything wey go make life easier for big boys!
As naija people dey vex for tax system wey don dey outdated and no dey actually help low-income earners (you know say dem be fan of wahala). Di tax-to-GDP ratio just dey hover around 10%. So, Tinubu dey target to boost am to 18% by 2026, but no wahala for basic goods!
But, as with every good gist, e get side wey no too sweet. High-income folks go see some increase on VAT for luxury items and dem go fit chop capital gains tax for big share sales. Di government dey talk say di aim na to ensure say everybody contribute their fair share while not killing low-income earners with taxes.
Small business owners dey jolly say dem go have some relief from company income tax, but dem still dey fear how enforcement go take be (no be so dem dey always bring unexpected wahala?).
For di low-income earners, di news no dey bad but dem dey look am with one side eye. Economist Emmanuel Idenyi even warn say if tax authority start dey overdo am, di reform fit turn wahala. Nobody want make dem land for trouble for any corner.
But Taiwo Oyedele, wey be di chairman of di Presidential Fiscal Policy and Tax Reform Committee, don sweet our belle small say 90% of Nigerians dey support di reforms, but dem still dey stress say successful implementation na di key!
Opposition and unions don dey carry mouth for di matter, but as e be, we dey watch how dem go implement am. Dis tax reform na big step for Nigeria to try balance di economy and help di poor while dem dey try gather small money for development.
