Breaking News
New Tax Law: Who Pays Less and Who Pays More in Nigeria From 2026
Nigeria’s new tax law took effect on January 1, 2026, and it has changed how much different groups of people and companies will pay.....TAP TO CONTINUE READING
The idea behind the reform is simple: people who earn less should pay less (or nothing), while people who earn more should contribute more.
Here is a clear breakdown of who falls into the lowest and highest tax brackets under the new system.
Who Will Pay the Lowest Taxes
Under the new law, low-income workers get the biggest relief.
Salary earners who make ₦800,000 or less in a year are expected to be fully exempt from personal income tax. This means they can keep their full earnings without PAYE deductions, provided they meet the legal conditions.
The reform also points out that many middle-income earners, especially those earning between ₦1 million and ₦10 million yearly, may end up paying some of the lowest effective tax rates, depending on their allowable deductions.
Tax experts advise that deductions and claims must be properly documented to avoid problems during tax checks or disputes.
Who Will Pay the Highest Taxes
The new structure is more “progressive”, meaning the tax rate increases as income increases.
Individuals earning ₦50 million and above per year fall into a higher band and may be taxed at a top rate of up to 25%. This is slightly higher than the previous top rate of 24%.
For companies, one major change is Capital Gains Tax (CGT). Under the new law, CGT for companies reportedly increased from 10% to 30%, aligning it with the corporate income tax level.
The goal is to close loopholes that allow businesses to structure transactions to pay less tax through asset sales.
Why Government Says It Made These Changes
Officials say the reforms are meant to:
Improve fairness by making higher earners and large companies contribute more.
Protect low-income households by removing tax burden from the lowest earners.
Reduce loopholes and tax avoidance strategies.
Modernise how taxes are collected and reported.
What Else the Reform Covers
Beyond personal taxes, the broader reform package also introduced changes that affect businesses and compliance:
Small businesses may get relief if they fall under certain turnover and asset thresholds.
VAT stays at 7.5%, but more items may be treated as zero-rated or protected, such as some essentials.
Tax compliance is expected to become more digital, with stronger reporting requirements and clearer rules on documentation.
Breaking News
AFCON 2025: Mozambique Players To Get ₦11.3 Million Each If Super Eagles Of Nigeria Suffer Defeat
Mozambique President Daniel Francisco Chapo has praised the Mambas for reaching the round of 16 at the Africa Cup of Nations (AFCON) in Morocco and has offered a substantial financial incentive if they can defeat Nigeria in the knockout phase.....TAP TO CONTINUE READING
The Mambas booked their place in the last 16 after finishing third in Group F, setting up a high-profile clash with the Super Eagles, one of the most convincing sides at the tournament so far. Mozambique progressed despite suffering a 2-1 defeat to Cameroon in their final group fixture.
In a message addressed to the players and coaching staff on Thursday, President Chapo described the qualification as unprecedented and richly deserved.
He said the team’s journey through the group stage had stirred pride across the country and highlighted the steady growth of Mozambican football.
Speaking on behalf of the nation, the president commended the squad for their courage, discipline and determination, qualities he said had carried them to a historic milestone on the continental stage.
According to Jornal Notícias, President Chapo announced an extraordinary bonus of 500,000 meticais for each player and member of the coaching staff, should Mozambique overcome Nigeria and reach the quarter-finals.
The sum is valued at about ₦11.3 million in Nigerian currency.
He reassured the team of the country’s full backing and expressed confidence that they could rise to the challenge against a formidable opponent.
Nigeria and Mozambique will meet on Monday, January 5, at the Complexe Sportif de Fès, with kick-off set for 8 pm.
Breaking News
BREAKING NEWS: Court Grants Bail to Bauchi Finance Commissioner Over Alleged N5.7bn Fraud
The Federal High Court in Abuja on Friday granted bail to Bauchi State Commissioner for Finance, Yakubu Adamu, who is standing trial over allegations of involvement in a N5.7 billion fraud.....TAP TO CONTINUE READING
Trial Justice Emeka Nwite approved bail in the sum of N500 million, with two sureties of similar value.
The court ruled that the sureties must own verifiable landed property within the Asokoro, Maitama, or Gwarinpa districts of the Federal Capital Territory (FCT), Abuja, and must depose to an affidavit of means.
The court also ordered Adamu to surrender his international passport and prohibited him from travelling abroad without prior permission. Full proceedings in the case were scheduled to begin on January 20.
Adamu, a former branch manager of Polaris Bank in Bauchi, was arraigned by the Economic and Financial Crimes Commission (EFCC) last Tuesday on a six-count money laundering charge.
Two companies, Ayab Agro Products and Freight Company Limited, were also cited as defendants.
The EFCC alleged that funds earmarked for the supply of motorcycles to Bauchi State were illegally diverted to various individuals and entities, despite the contract not being executed. The acts were said to contravene Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Adamu pleaded not guilty to the charges, while his lawyer, Mr. Gordy Uche, SAN, applied for bail pending the outcome of the trial. EFCC counsel, Mr. Samuel Chime, opposed the bail request and sought an accelerated hearing. Justice Nwite, however, ruled that bail was within the court’s discretion, noting that the offences were bailable.
Adamu will remain in Kuje Prison until Monday, when the court will hear a separate terrorism-related charge pending against him.
According to EFCC investigations, Emmanuel Asomugha General Enterprises secured a loan of N4.65 billion from Polaris Bank, purportedly guaranteed by the Bauchi State Government, to supply motorcycles.
The agency said the motorcycles were never delivered, and the funds were diverted through Adamu and former Accountant-General of Bauchi State, Sa’idu Abubakar, to multiple accounts, including those of the two companies cited.
The prosecution further alleged that Adamu, while acting as Polaris Bank Branch Manager, conspired with others to convert, transfer, and conceal N4.65 billion, and also handled N976 million paid into the account of I.S. Makayye Investment Resources Limited, knowing the funds were proceeds of unlawful activity.
Breaking News
“I Was Washing His Car—Now I’m a Two-Term Minister!” Wike Blasts Mbata in Explosive Comeback
According to our reporter, A detailed explanation of why people dream about writing exams or returning to school or eating, crying, seeing snakes has been published on NewsVista.....TAP TO CONTINUE READING
Minister of the Federal Capital Territory, Nyesom Wike, has fired back at criticisms from Ohanaeze Ndigbo President, Senator John Mbata, turning attacks about his past into a bold story of political rise.
Speaking in a video aired on AIT, Wike addressed claims that he is “semi-illiterate” and once worked as a car washer. Rather than deny it, the minister embraced the narrative, insisting his journey speaks louder than insults.
“I heard someone ranting that I’m semi-illiterate. That’s fine—at least I’m not fully illiterate,” Wike said.
He went further, stressing that even if he once washed cars, that did not stop his progress. “Somebody who was washing his car has grown to be council chairman, governor, and a two-term minister,” he declared.
Wike’s remarks have since sparked intense reactions online, reigniting debates about humility, success, and political pedigree.
-
Breaking News3 months agoWorld’s Youngest Undergraduate is Nigerian JOSHUA BECKFORD, gained admission in Oxford University at the age of Six years
-
Breaking News2 months agoJUST IN: Finally United States President Donald Trump Revokes 80,000 Visas of Nigerians, Other Foreign Nationals
-
Breaking News3 months agoBREAKING NEWS: Woman in Trouble For Burning 7-year-old Girl’s Private Parts With Hot Knife
-
Breaking News4 months agoBREAKING NEWS: FULL DETAILS! Top Secret Leaked Why SIM Fubara Fails to Return to Government House After Reinstatement
-
Breaking News2 months agoBREAKING NEWS: Nigerian Billionaire Lawmaker Ned Nwoko, Orders Arrest of His Mother In Law Regina Daniels’ Mother, Rita
-
Breaking News3 months agoBREAKING NEWS: Federal Government Releases Proof of N25,000 Cash Transfers to 71 Million Nigerians in 8.1 Million Households
-
Breaking News3 months agoBREAKING NEWS: Another Rivers Saga: Just Reinstated Fubara Told to Sack All Sole Administrators Appointees, Seek Tinubu’s Assurance Over Impeachment
-
Breaking News4 months agoBREAKING NEWS: Finally Department of State Services (DSS) summons Sowore over post on Tinubu
