McPherson University Hosts Town Hall to Clarify New Federal Tax Policy for Staff

McPherson University, Seriki Sotayo, Ogun State, convened a Town Hall Meeting to engage staff on the Federal Government’s new National Tax Act, which came into effect on January 1, 2026.

The session, organized by University Management, aimed to explain the provisions of the Act and outline its implications for employees and the institution.

The meeting featured a detailed presentation by TAC Global Accountants, led by Dr. Thompson Aiyegenle, covering key aspects of the new tax regime. Staff were guided on defining income, distinguishing earned versus unearned income, allowable and non-allowable expenses, and Pay As You Earn (PAYE) computation under the revised banded tax rates incorporating rent relief and pension deductions.

Other areas of discussion included the treatment of franked investment income, payroll handling of Benefits in Kind, and critical taxes such as Withholding Tax, Real Estate Tax, VAT, Stamp Duties, Capital Gains Tax, and Company Income Tax, emphasizing their relevance to staff and the University.

The session also highlighted the integration of federal income tax laws into a more progressive personal income tax regime, with rates from 0% to 25%, consolidation of capital gains into personal income, and replacement of the former Consolidated Relief Allowance with a rent-based relief framework subject to statutory limits.

An interactive Q&A segment allowed staff to clarify compliance obligations and employer responsibilities. In his closing remarks, Vice-Chancellor Professor Francis Igbasan noted the session provided an important platform for staff to understand their personal and professional tax obligations under the new law.