The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, has assured Nigerians in the Diaspora that the Federal Government’s ongoing fiscal and tax reforms are protective, investor-friendly, and designed to drive sustainable national growth.
Mr. Oyedele gave the assurance during a joint virtual meeting with the Chairman/CEO of the Nigerians in Diaspora Commission (NiDCOM), Hon. Abike Dabiri-Erewa, organised to brief Nigerians abroad on the impact of the fiscal and tax reforms set to take effect from January 2026.
He explained that the reforms aim to promote trade surplus, improve the balance of payments, unify foreign exchange rates, and harmonise taxes and levies across federal, state, and local levels.
According to Oyedele, the new fiscal framework is “people-centric, growth-focused, and efficiency-driven,” with several incentives for investors, particularly Nigerians in the Diaspora. These include tax holidays, reduced withholding tax (WHT) rates, higher exemption thresholds for small businesses, elimination of taxes on investment and capital, rationalisation of incentives, and reduction of the Value Added Tax (VAT) burden.
Hon. Abike Dabiri-Erewa, in her remarks, noted that the meeting was convened to address misinformation circulating in the media about the reforms. She stressed that Diaspora Nigerians—who contribute significantly to national development—deserve clear, accurate information on policies that may affect their economic engagements with the country.
During the interactive session, participants raised questions about the possible taxation of remittances, double taxation treaties, non-resident taxation, income tax obligations, and implications for small businesses, real estate investors, and retirees with property in Nigeria.
In response, Oyedele clarified that remittances sent to Nigeria will not be taxed, and that existing double taxation treaties will continue to protect Diaspora Nigerians from unfair tax obligations. He assured that the reforms were designed to simplify the tax system, encourage compliance, and make Nigeria a more attractive destination for investment and business.
The two-hour virtual meeting, which drew participants from across various continents, reaffirmed the government’s commitment to transparency and inclusivity in implementing the forthcoming fiscal reforms.
