The Nigeria Revenue Service (NRS) has revealed that the primary beneficiaries of the new tax law introduced by President Bola Tinubu are low-income citizens.
Speaking during an interview on Arise Television on Sunday, the Executive Chairman of the Nigeria Revenue Service, Zacchaeus Adedeji, stated that the new tax reforms were designed to ease the financial burden on vulnerable Nigerians.
Adedeji explained that the government was not imposing additional taxes, noting that an analysis of existing exemptions showed that more than 95 percent of poor Nigerians were completely exempt from tax obligations.
He emphasised that the removal of Value Added Tax, VAT, on all food items was particularly beneficial to the poor, as a significant portion of their disposable income goes towards feeding.
According to him, “We remove VAT totally from those ones. The same thing on transportation, which is also for the poor.
“So if you look at the total and the net benefit, the poor are the most beneficiaries of this tax reform,” he said.
He added that the reforms were structured to prioritise social welfare and prevent additional economic hardship on low-income households.
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