The chairman of the presidential committee on fiscal policy and tax reforms, Taiwo Oyedele, has clarified reports in the media about the monthly income tax to be paid by Nigerians under the tax reform bills signed into law by President Bola Tinubu on Thursday.

Mr Oyedele was quoted on Channels Television’s Politics Today as saying that Nigerians earning N250,000 or less monthly are now classified as poor and would be exempted from paying tax.

However, Mr Oyedele, in a statement on X on Saturday, said the media reports about his comment were inaccurate, explaining that the tax exemption pertains to a household earning a N250,000 monthly income or less.

He clarified that the tax exemption for an individual applies to someone earning N108,000 or less monthly, which translates to ₦1.3 million annually.

Mr Oyedele wrote, “This is not an accurate account of what I said. For clarity, my reference to ₦250,000 was in the context of a household, not an individual. The monthly tax exemption threshold for an individual is ₦108,000 (₦1.3 million annually). I hope this clears up any misunderstanding.”

The Bola Tinubu government had earlier assured that the new tax laws, which will take effect from January 2026, are targeted at protecting businesses, ensuring poverty is not taxed, providing relief to low-income earners, tracking tax evaders, and promoting economic growth.