By Gabriel Ameh
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, has assured Nigerians in the Diaspora that the ongoing fiscal and tax reforms introduced by the Federal Government are designed to be protective, investor-friendly, and growth-oriented.
Mr. Oyedele gave the assurance during a joint virtual meeting with the Chairman of the Nigerians in Diaspora Commission (NiDCOM), Dr. Abike Dabiri-Erewa, aimed at addressing concerns and clarifying misconceptions surrounding the government’s new fiscal policy framework.
He explained that the reforms seek to promote trade surplus, balance of payments stability, unified foreign exchange rates, and harmonisation of taxes and levies, adding that they are structured to make Nigeria’s economic environment more predictable and globally competitive.
“Our approach is people-centric and growth-focused. The reforms are intended to simplify tax administration, reduce the cost of compliance, and eliminate unnecessary taxes,” Mr. Oyedele said.
Highlighting key measures, he noted that the new framework includes reductions in Withholding Tax (WHT) rates, higher exemption thresholds for small businesses, removal of taxes on investment and capital, and streamlining of existing tax incentives to encourage business expansion and innovation.
He further assured that Diaspora remittances and investments will not be taxed, emphasizing that Nigeria remains open and attractive for foreign investment.
“There will be no taxation on remittances or legitimate investments from Nigerians abroad. Instead, the reforms will create an enabling environment that supports Diaspora engagement and national development,” he clarified.
Dr. Abike Dabiri-Erewa, in her remarks, reaffirmed that Nigerians in the Diaspora are strategic partners in the nation’s economic growth, contributing significantly through remittances, investments, and knowledge transfer.
“Our Diaspora community deserves full understanding of government policies that may affect their contributions to national development. This engagement is part of our commitment to transparency and accountability,” she said.
During the two-hour interactive session, participants raised questions about double taxation treaties, non-resident income taxes, small business operations, real estate investments, and tax implications for retired Nigerians.
Mr. Oyedele addressed these concerns, assuring participants that the fiscal reforms, set to take effect in January 2026, are designed to simplify compliance, encourage entrepreneurship, and foster inclusive economic growth both at home and abroad.
The session ended with a reaffirmation of the Federal Government’s commitment to building a transparent, efficient, and fair tax system that strengthens investor confidence and enhances Nigeria’s economic resilience.
