A Fellow of the Chartered Institute of Taxation of Nigeria (CITN), Mr Olugbenga Obatola, says the new Nigerian Tax Reform Act will ease the tax burden on low-income earners to tax affluence.

Obatola stated this in an interview with the News Agency of Nigeria (NAN) in Ibadan on Monday, while speaking on the new tax laws expected to take full effect from January 2026.

He explained that the new tax policy would promote economic equity and national revenue growth, describing the reform as one of the best policy developments Nigeria had witnessed in recent years.

He also said that the new laws were designed to simplify the tax system, and promote fairness, while also expanding the country’s revenue base.

According to him, the new tax regime is very progressive. It shifts focus from taxing poverty to taxing affluence. Those earning less than ₦90,000 to ₦100,000 monthly will no longer pay a dime as tax

”The reform harmonises many of Nigeria’s multiple tax laws and replaces 11 of the country’s 40 existing taxes while amending 13 others.

”The Nigerian Tax Act 2025 now brings together several tax laws like Company Income Tax, Stamp Duty, Capital Gains Tax and Value Added Tax under one umbrella for easier reference and administration.”

Obatola said the tax reform package comprises four key laws; the Nigerian Tax Act 2025, the Nigerian Tax Administration Act 2025, the Nigerian Revenue Service Establishment Act 2025, and the Joint Revenue Board Establishment Act 2025.

He noted that the operations of the Nigerian Revenue Service and Joint Revenue Board had commenced since June, serving as precursors to the full implementation of the other laws in 2026.

Obatola, who is also a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), said the Act would correct Nigeria’s long-standing “taxing proficiency” practice.

”This is where low-income earners were made to pay taxes in spite of earning little; by ensuring that the system becomes fairer.

“If you are earning around ₦100,000 a month, by the time statutory deductions are made, your taxable income will fall within ₦800,000 per annum, which attracts zero per cent tax,”he explained.

He listed six statutory deductions under Section 30 of the Nigerian Tax Act to include the National Housing Fund, National Health Insurance Scheme, pension contribution, mortgage interest, rent relief, and other allowable deductions.

“The rent relief replaces the Consolidated Relief Allowance (CRA) and is now the higher of 20 per cent of your rent allowance or a maximum of ₦500,000,” he said.

The tax expert further explained that taxpayers would be required to present verifiable documentation such as rent receipts before claiming reliefs, adding that this would improve accountability and bring landlords into the tax net.

“A lot of landlords collect rent without paying tax. Once tenants present rent receipts for reliefs, landlords’ details will be traceable. This will help expand the tax net,” he added.

He also said that multinational companies operating in Nigeria would now be taxed on income generated within the country, with an effective tax rate of 15 per cent.

“Where the tax paid is below 15 per cent, a global top-up rate will apply to ensure fairness between Nigerian and foreign companies,”he said.

He further said that the reform would also improve Nigeria’s tax-to-GDP ratio, which had grown from about 10 per cent in 2023 to 13.5 per cent in 2024 and projected to reach 15 per cent by the end of 2025.

Obatola also said that the 15 per cent import levy on foreign goods was a deliberate measure to protect local industries and promote domestic production.

“By discouraging excessive imports and promoting local manufacturing, we are ensuring that Nigeria’s resources serve Nigerians first,” he said.

He appealed to Nigerians to embrace the reform with optimism, stressing that the long-term benefits would strengthen the economy and improve living standards.

“As an accountant and economist, I believe Nigeria will be better for it in the long run. The poor will be able to breathe, and the system will become more equitable,”Obatola said.

Seplat Energy Plc, a Nigerian independent energy company, has received the ISO 45001:2018 certification in recognition of its commitment to operational excellence and employee well-being.

The certification, issued by Bureau Veritas (BV), was formally presented to the company at its headquarters in Lagos.

Mr Stanley Opara, Manager, Corporate Communications, Seplat Energy, confirmed the certification in a statement.

He said that the achievement followed rigorous gap assessments and implementation of robust control measures.

He said the process also involved active employee engagement aimed at enhancing workplace safety, operational resilience, and risk reduction across all operations.

Opara added that the certification underscored Seplat Energy’s dedication to maintaining a safe and healthy environment while pursuing sustainable growth.

Commenting, Roger Brown, Chief Executive Officer, Seplat Energy, described the certification as a significant milestone in the company’s drive for operational excellence and employee welfare.

“It reflects our unwavering commitment to creating a safe, healthy, and resilient workplace.

“This global recognition reinforces our belief that safety is not just a priority but a core value embedded in our culture.

“We will continue to lead by example, ensuring our people thrive in an environment built on trust, care, and world-class standards,” he said.

The Chief Operating Officer, Mr Samson Ezugworie, said the certification was a testament to the dedication and discipline of teams across all levels of the organisation.

He noted that Seplat had always taken proactive steps to manage risks, enhance safety performance, and promote continuous improvement.

“The ISO 45001:2018 certification validates these efforts and reinforces our commitment to protecting our workforce as a key part of our success.

“We remain focused on sustaining and evolving our health and safety practices to meet and exceed global benchmarks,” he said.

Earlier, Mrs Adenike Akinbote, Certification Manager, Bureau Veritas Nigeria, commended Seplat Energy for its commitment and adherence to global best practices.

She praised the leadership’s drive in implementing ISO standards and guiding the organisation successfully through the certification process.

“Throughout the audit, the professionalism, openness, and cooperation of Seplat’s leadership and staff were commendable.

“We were particularly impressed by the level of implementation achieved during this initial certification phase,” he said.

Also speaking, Mr Adeshina Sadiq, General Manager, HSE, Seplat Energy, said the certification was a proud moment for all employees.

He said it reflected the company’s strategic integration of safety into its operations and the shared responsibility of all staff.

“This milestone is not just a certification; it validates our systems, people, and culture of care.

“We will continue to strengthen our safety framework and empower every employee to be a champion of workplace wellbeing,” he said.