The Federal Government has proposed a new tax bill that could see high-earning Nigerians face a significant increase in personal income tax. According to an official announcement made by Nigerian Stories on its X (formerly Twitter) handle, individuals earning ₦100 million or more monthly will be required to pay a 25% personal income tax rate, if the bill is passed by the National Assembly.
This move comes as part of the government’s broader strategy to boost revenue and address economic challenges. The proposed tax hike targets the wealthiest Nigerians, ensuring they contribute a fairer share to the national coffers, as the country continues grappling with fiscal deficits and developmental needs.
The bill, once passed into law, is expected to drive more equitable tax collection, with the aim of closing the gap between Nigeria’s economic elite and the majority population. Wealth redistribution through taxation is not a new concept globally, and it appears the Nigerian government is now keen to adopt similar measures.
The announcement has already sparked conversations across social media, with various stakeholders weighing in on the potential impact this tax bill could have on high-net-worth individuals and the broader economy.
If implemented, the new tax regime would represent a bold step in Nigeria’s fiscal policy, sending a strong message that the government is committed to ensuring that the wealthiest in society contribute significantly to the nation’s development.
As the bill makes its way through the National Assembly, all eyes will be on lawmakers to see whether this historic reform will pass and how it will affect both the economy and public opinion.
PIONEER NEWS 