Yes. Individuals can now claim a tax deduction for 20% of their annual rent, capped at a maximum of ₦200,000 per year. It’s important to note that this relief is only available to tenants; homeowners do not receive a similar benefit.
- Scenario: If you pay ₦1.2 million in rent annually, 20% of that is ₦240,000. You can claim a deduction, but it will be capped at the ₦200,000 maximum.
