The new PIT brackets are designed to reduce the tax burden on low-income earners:
- Up to ₦800,000: 0%
- ₦800,001 to ₦3,000,000: 15%
- ₦3,000,001 to ₦12,000,000: 18%
- Above ₦50,000,000: 25%
- Impact: A teacher earning ₦700,000 a year, who might have paid around ₦60,000 in tax previously, will now pay zero tax.
