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Breaking : Presidential Tax committee, says, Those earning ₦25m and less get tax exemption, “They need support to grow economically”
The Presidential Fiscal Policy and Tax Reforms Committee (PFPTRC) has revealed plans to revolutionize Nigeria’s tax system, exempting 95% of the informal sector from all taxes.
Chairman of the Committee, Taiwo Oyedele, who revealed this over the weekend while speaking to journalists at the end of the close-out retreat of the PFPTRC in Abuja, explained that this move aims to alleviate the burden of multiple taxation on small businesses and low-income individuals.
According to Oyedele, the informal sector is populated by citizens working hard to earn a legitimate living, adding that the in the view of the committee, people in this category should not be over-burdened with taxation, but rather support to grow economically to a point where they can fit into the more affluent categories before imposing taxes on them.
He further explained that a lot is put into consideration to have come to the recommendation, noting the those who earn between ₦25 million and less per annum should be expected from paying all forms of taxes, including income and value added tax (VAT).
Oyedele emphasised the need for tax reform, stating, “Everybody, even if you’re not a business person, feels the impact of multiple taxation almost everywhere you turn. It affects small businesses even more than large businesses, and the poor and vulnerable population are having to deal with it.
“So we’re using data to inform our decisions, currently if you earn N25 million a year or less, you don’t have to pay company income tax, you don’t have to worry about VAT. We’re looking at increasing that significantly, first to recognize the inflation we’ve had to contend with over the past few years and also because we think that this whole idea and concept of “your money is in the informal sector” is not supported by data.
“We think that the informal sector are people who are trying to earn legitimate living, we should allow them be and support them to grow to a point where they can then have the ability to pay taxes. So we think that 95% of the informal sector should be legally exempted from all taxes; withholding tax, company income tax, even payee on their staff, let them be.
“We can then focus our attention on top 5% of that sector and of course, the middle class and the elites. We think that the days of being above the law in paying taxes are over. The same thing we’re saying to our leaders, whether they are elected or appointed, we think they have to lead by example by showing that they have paid the taxes, not only on time, but correctly to the lawful authorities as contained in the various laws”, he said.
He said the committee’s proposal for tax reforms is expected to be submitted to the National Assembly by the third quarter of this year.
Oyedele revealed that the committee has concluded the proposal phase and is currently consulting with the private sector, with internal approvals expected by the end of June.
He said some executive orders and regulations, such as the new withholding tax regulation exempting small businesses, are ready for implementation and await the Minister’s signature.
Additionally, a new National Tax Policy, Spending Policy, and Borrowing Policy will be introduced before the end of the year, while Constitutional amendments are expected in 2025 and 2026, aligning with the National Assembly’s two-year timeline.
“We just closed out now on the proposal phase, we’re already consulting with the private sector. That consultation we expect will continue for the rest of this month, May, and then the internal approvals, whether it’s FEC, whether it’s NEC, whether it’s any other organ of government, up until the end of June.
“We envisage by the Quarter Three, our documents will be ready to go to the National Assembly and by the end of that Q3, we should have them enacted into law, so we can give reasonable notice to the public, businesses, individuals before commencement for many of them kick off in 2025.
“But where we have executive orders, directive regulations that don’t require enactment into law, like we have a new withholding tax regulation, where small businesses will be exempt from having to deduct withholding tax, that based on the existing law today, you don’t need to enact it into law, we just need the Minister to sign. So it’s ready, we’re waiting for the final signature.
“We also have a new National Tax Policy that communicates this direction of our tax system, how we’re going to be spending our money, we have a Spending Policy now, as well as Borrowing Policy so that the social contract with the people is delivered to them in a meaningful way.
“So all of that will happen before the end of the year, but where we are enacting the law and proposals to amend the Constitution, will happen in 2025, and maybe 2026, in the case of the Constitution because I think the timeline that the National Assembly has is about two years”, he said.
He said the administration is reforming the country’s tax system with the aim to reduce the burden of multiple taxation on small businesses and low-income individuals.
According to him, despite numerous taxes, the country’s tax collection as a percentage of GDP remains low and to address this, the government intends to repeal many taxes, harmonize the remaining ones, and improve tax collection efficiency.
Zenith Bank Plc has announced the opening of a new branch in Manchester, United Kingdom, marking another significant milestone in the bank’s international growth and its commitment to strengthening financial connections between Africa and global markets.The official opening ceremony, scheduled to hold on Tuesday, March 17, 2026, is expected to attract government officials from Nigeria and the United Kingdom, regulators, investors, customers, and business leaders from both countries, underscoring the growing economic ties and investment opportunities between the two markets.The new Manchester branch will complement Zenith Bank’s existing operations in the United Kingdom and serve as a strategic hub for supporting businesses engaged in international trade and investment. Through the branch, the bank will provide corporate banking, trade finance, treasury and related financial services to clients operating across the United Kingdom, Europe and Africa.Speaking ahead of the launch, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame Dr. Adaora Umeoji, OON, said: “The opening of our Manchester branch represents another important step in Zenith Bank’s growth as a leading African financial institution connecting businesses and markets across continents. Manchester is one of the United Kingdom’s most dynamic commercial centres, and our presence here will further strengthen financial connections between businesses in the UK and opportunities across Africa’s rapidly expanding markets.”Founded in 1990 by its Founder and Chairman, Jim Ovia, CFR, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a remarkable history of year-on-year profitability. Built on a strong foundation of people, technology and service, the Bank has consistently delivered innovative financial solutions while maintaining a disciplined approach to growth and risk management. The impressive performance of the Bank has consistently earned it excellent ratings, recognition and endorsement from local and international agencies and institutions.Headquartered in Lagos, Nigeria, Zenith Bank operates over 500 branches and business offices across the 36 States of the Federation and the Federal Capital Territory (FCT). The Bank currently operates subsidiaries in several African countries including Ghana, Sierra Leone, Gambia, and Cote d’Ivoire, while maintaining a presence in major international financial centres including the United Kingdom, France, UAE and China. In recent years, Zenith Bank has continued to expand its international network as part of its strategy to support global trade and investment flows involving Africa.Manchester, widely regarded as one of the United Kingdom’s most vibrant economic centres, hosts a diverse base of businesses across sectors such as manufacturing, engineering, logistics, technology and consumer goods. The city’s strong commercial ecosystem and international outlook align closely with Zenith Bank’s expertise in corporate banking, structured finance and trade finance.The Manchester branch will work closely with the Bank’s London operations and its broader international network to support clients seeking to expand across markets and unlock new opportunities in both the United Kingdom and Africa.
With the opening of the Manchester branch, Zenith Bank continues to advance its vision of building a truly global African banking institution that connects businesses, facilitates trade and investment, and creates stronger economic bridges between Africa and the world.
Zenith Bank Plc will commemorate the 2026 International Women’s Day with a renewed call to purposeful action and leadership. As part of preparations to celebrate this significant occasion, the Bank is set to hold its annual International Women’s Day Seminar on Monday, March 9, 2026, at The Civic Centre, Victoria Island, Lagos.Aligned with the global theme ‘Give to Gain” which underscores the principle that sustainable progress is achieved when individuals and institutions invest intentionally in women, Zenith Bank’s 2026 IWD seminar is themed “Take It, You Own It.” The theme reflects the Bank’s belief that while institutions must give through enabling environments and equitable systems, women must also step forward to claim space, own their value, and lead with confidence. It is both an affirmation and a challenge: embrace opportunity, empower yourself and others, and take ownership of your growth journey.Building on the success of previous seminars, including the 2025 edition themed “Winning On All Fronts”, Zenith Bank’s 2026 programme is designed to deepen meaningful engagement around women’s empowerment, leadership, and sustainable impact. Over the years, the Bank’s International Women’s Day initiatives have brought together women leaders, professionals, entrepreneurs, and emerging talents for dynamic dialogue, inspiration, and shared learning around gender equity, professional growth, and inclusive opportunity.More than a commemorative gathering, the 2026 seminar is designed as a convergence of influence, insight, and inspiration, bringing together accomplished women and progressive leaders across business, governance, creative industries, technology, and social impact.Speaking ahead of the Seminar, the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, who will deliver the welcome address, said “The International Women’s Day is a reminder that progress requires intentionality. ‘Give to Gain’ speaks to the responsibility institutions have to create real opportunities, while our theme ‘Take It, You Own It’ challenges women to step forward boldly and lead. At Zenith Bank, we are deliberate about building environments where women are supported to grow, thrive, and shape outcomes, not only within our institution but across the communities and industries we serve.”The seminar will include segments focused on leadership insight, professional empowerment, wellbeing, and collaboration, offering attendees opportunities to engage deeply with thought leadership and practical strategies for advancing equity. With a carefully curated programme spanning keynote addresses, panel conversations, Q&A sessions, and creative interludes, Zenith Bank’s 2026 International Women’s Day Seminar promises to be a catalyst for meaningful action.Through its alignment with “Give to Gain” and its bold seminar theme, “Take It, You Own It,” Zenith Bank reaffirms its belief that when institutions give intentionally and women lead confidently, entire ecosystems rise. As conversations around inclusion continue to shape the future of business and society, the Bank remains resolute in its mission to foster platforms where women’s potential is recognised, amplified, and fully owned.
L-R: District Head, Kyangakwai, Alhaji Suleiman Musa; Former Speaker, Kebbi State House of Assembly, Mr Isma’ila Abdulmumuni Kamba; District Head, Kamba (Sarkin Shikon Kamba), Mamuda Zarummai; Council Secretary, Dandi Local Government, Kebbi State, Alhaji Abdulkadir Muhammad; and Regional Bank Head, North-West Zone 2, Fidelity Bank Plc, Mr Muhammad Lawal-Ahijo; at the official commissioning of the new Fidelity Bank Plc branch in Kamba, Dandi Local Government Area, Kebbi State recently.
Residents of Kamba in Dandi Local Government Area of Kebbi State have welcomed the opening of a new branch of Fidelity Bank Plc, describing it as a major milestone that will ease long-standing financial and logistics challenges faced by farmers, small-scale traders and individuals in the community.
The Chairman of Dandi Local Government Council, Dr. Mansur Isah-Kamba, described the branch as a welcome relief after years of limited access to formal banking services. Represented by the Council Secretary, Alhaji Abdulkadir Muhammad, Isah-Kamba noted that residents – including over 83 traditional rulers on the local government payroll—previously travelled long distances to Birnin Kebbi for routine banking transactions.
“With the opening of this branch in our locality, the stress, cost and time associated with banking outside the community will be significantly reduced,” he said. He also commended Fidelity Bank for its foresight and commitment to supporting farmers and small and medium-scale enterprises (SMEs).
On his part, the Sarkin Shikon of Kamba, Alhaji Mahmoud Zarumai-Fana, described farming as the primary occupation in the area will help improve commercial activities.
“Our people are predominantly farmers. Access to financial services will help them improve productivity and livelihoods. Farmers need support such as pumping machines, fertilisers, and pesticides, and proximity to banking services will make it easier to save, access loans, and participate in agricultural intervention programmes,” he said.
Speaking at the official inauguration ceremony, Regional Bank Head, North‑West Region, Fidelity Bank Plc, Mr. Muhammad Lawal‑Ahijo, highlighted the bank’s commitment to expanding financial access and supporting economic growth across Nigeria.
“Our decision to establish this branch is rooted in our belief that every community deserves access to reliable financial services that enable people to grow, businesses to thrive, and local economies to prosper. Kamba is a thriving agricultural community, and the decision to open a branch here is a strategic investment in the future of its farmers, traders, and households. While the infrastructure is for the bank, this branch belongs to the community. We encourage residents to take ownership by fully utilising the services available.” Lawal-Ahijo said.
He further noted the bank’s overall dedication to empowering informal sector workers and small and medium-scale enterprises (SMEs), adding, “Our goal is to bring banking closer to the people and support farmers, SMEs and households with accessible financial services that drive sustainable growth.”
In his remarks, a member of the Kebbi State House of Assembly representing Dandi Constituency, Dr. Abubakar Suleiman-Fana, said the new branch marked a significant step toward strengthening financial inclusion in rural communities.
“This is a milestone for our constituency. Financial inclusion is critical to rural development, and farmers, traders, and youths must take advantage of this opportunity to grow their businesses and improve their economic well-being,” he said.
Residents also expressed delight about the impact the new branch will have on their daily lives. A petty trader, Mrs. Hassana Abubakar, said she previously had to close her shop whenever she travelled to Birnin Kebbi for banking transactions.
“Now I can do my banking here without losing a whole day’s business. This will help my shop grow,” she said.
The opening of the Fidelity Bank branch in Kamba underscores the bank’s ongoing commitment to advancing financial inclusion, supporting rural economies and empowering farmers and small businesses across Nigeria.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
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