NTPIC Chairman: New Tax Regime Will Protect Low-Income Earners, Boost Revenue

Folalumi Alaran in Abuja

Chairman of the National Tax Policy Implementation Committee (NTPIC) on Thursday said Nigeria’s new tax regime is designed to protect low-income earners, simplify tax compliance and strengthen government revenue for national development.

Speaking as keynote speaker at the 2026 Tax Policy Conference organised by BusinessDay Media Limited in Abuja, the NTPIC chairman described the reforms as the most comprehensive restructuring of Nigeria’s tax system in decades.

The conference, themed “Navigating the New Tax Regime: What It Means for Your Wallet,” examined the implications of the Nigeria Tax Acts 2025 for individuals and businesses.

According to him, the reforms are anchored on four landmark legislations signed into law in June 2025 by President Bola Ahmed Tinubu.

These include the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service Act and the Joint Revenue Board Act.

He said the new framework aims to simplify tax administration, broaden the tax base and promote fairness in revenue collection.

The chairman noted that Nigeria’s tax-to-GDP ratio has historically remained between six and 10 per cent, among the lowest globally, forcing the country to rely heavily on borrowing to fund development.

Under the new regime, individuals earning less than N800,000 annually will be exempt from income tax, while small companies generating less than N100 million in annual revenue will not pay Companies Income Tax. Nano businesses earning less than N12 million annually are also exempt.

Earlier in his welcome remarks, Publisher of BusinessDay Media Limited, Frank Aigbogun, said the summit was organised to provide clarity on the new tax reforms and their implications for Nigerians and the business community.

Also speaking, President of the Capital Market Academics of Nigeria, Prof. Uche Uwaleke, said the reforms represent a significant restructuring of Nigeria’s fiscal system and could strengthen revenue generation if effectively implemented.