98% of workers to be exempted from PAYE

Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, said about 98 per cent of Nigerian workers will be exempted from Pay-As-You-Earn (PAYE) .

Oyedele spoke during a session at the ongoing 31st Nigerian Economic Summit (NES31) in Abuja.

Majority of Nigerian workers will not pay tax on what they earn when the new law takes effect in January.

Under the new tax structure, he said, poor Nigerians would be exempted from personal income tax, while high-net-worth individuals would be subject to higher rates.

“The poor will not pay personal income tax,” he said.

“Those who earn more and have greater means will pay more. That is how fairness works in a modern economy.”