The Federal Government has launched a ₦10 million Tax Reform Challenge for Nigerian students as part of efforts to raise awareness and deepen understanding of the country’s new tax reform laws.
The initiative, announced on Friday by the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, seeks to engage young Nigerians in shaping the nation’s evolving fiscal framework through creative and research-driven content.
Oyedele, in a post on 𝕏 (formerly Twitter), described the programme as “big news for Nigerian students,” noting that it aims to inspire innovation and dialogue around Nigeria’s new tax policies.
“This challenge is designed to raise awareness, promote tax education, and inspire constructive youth-led dialogue on Nigeria’s tax reform,” Oyedele stated.
Competition Open to Students and NYSC Members
According to the committee chairman, the challenge is open to undergraduates in tertiary institutions across Nigeria, as well as graduates currently serving under the National Youth Service Corps (NYSC) or awaiting mobilisation.
Participants are required to read Nigeria’s new tax laws and create an article, video, podcast, radio programme, or social media post published between July 1 and December 31, 2025.
He explained that submissions would be judged based on how “educative, engaging, and fact-based” they are, adding that critical perspectives on the reforms are also welcome.
“Entries that are critical of the reform are welcome,” Oyedele said. “Don’t just watch history. Shape it, Read. Create. Educate. Grow.”
₦5m Grand Prize, Gadgets, and Internship Offers for Winners
The ₦10 million award pool, according to the organisers, includes ₦5 million for the first prize, ₦3 million for the second, and ₦2 million for the third.
In addition, the top 10 finalists from each geopolitical zone will receive consolation prizes such as gadgets, internship placements, employment opportunities, and recognition as Tax Reform Youth Ambassadors.
Oyedele emphasised that the initiative will help build a generation of tax-literate Nigerians capable of contributing meaningfully to national development through civic participation.
Naijaonpoint reports that the Presidential Fiscal Policy and Tax Reforms Committee, chaired by Oyedele, was inaugurated by President Bola Tinubu on August 8, 2023, to review and modernise Nigeria’s fiscal and tax system.
The committee’s core objectives include reducing multiple taxation, harmonising tax collection, and enhancing revenue generation without overburdening citizens or small businesses.
Government sources say the reforms are designed to simplify Nigeria’s complex tax structure, improve transparency, and promote better coordination between federal, state, and local tax authorities.
The Federal Government had in a statement signed by the Personal Assistant on Special Duties to the President, Kamorudeen Yusuf, published Nigeria’s new tax reform laws in the official gazette on September 10, 2025, following President Tinubu’s assent on June 26.
The reforms introduced four major legislations: the Nigeria Tax Act 2025, the Nigeria Tax Administration Act 2025, the Nigeria Revenue Service (Establishment) Act 2025, and the Joint Revenue Board (Establishment) Act 2025.
According to the gazette: “Small businesses with turnover under ₦100 million and assets below ₦250 million are exempted from corporate tax. Corporate tax rate for large firms may be cut from 30% to 25% at the President’s discretion. A 5% annual tax credit is introduced for eligible priority-sector projects. Companies transacting in foreign currency may now pay taxes in naira at official exchange rates.”
Naijaonpoint reports that the Nigeria Tax Act and Tax Administration Act will take effect on January 1, 2026, while the Nigeria Revenue Service Act and Joint Revenue Board Act became effective from June 26, 2025.
The Federal Government said the tax reforms are part of efforts to diversify Nigeria’s revenue base away from oil, support small businesses, attract investment, and strengthen fiscal stability, aligning with President Tinubu’s Renewed Hope Agenda.
“These reforms aim to simplify Nigeria’s tax system, support small businesses, attract investment, and strengthen fiscal stability,” the statement read.
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