FG has published landmark tax reform laws in government gazette.
NaijaOnPoint Nigeria reports that Nigeria has officially published its long-awaited tax reform laws in the government gazette, marking a major overhaul of the country’s fiscal framework.
The reforms, signed into law on June 26, 2025, establish a new foundation for taxation, administration, and revenue collection in Africa’s largest economy.
The four new legislations include:
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Nigeria Tax Act (NTA), 2025
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Nigeria Tax Administration Act (NTAA), 2025
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Nigeria Revenue Service (Establishment) Act (NRSEA), 2025
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Joint Revenue Board (Establishment) Act (JRBEA), 2025
Confirming the publication on his official X handle, Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, said the laws would modernize Nigeria’s tax system, improve compliance, and create a more business-friendly environment.
Key Highlights:
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Small businesses earning under N100 million annually and holding assets below N250 million are fully exempt from corporate tax.
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Corporate tax for large companies may be reduced from 30% to 25%, subject to presidential approval.
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Top-up tax thresholds are set at N50 billion for local firms and €750 million for multinationals.
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A 5% annual tax credit is available for eligible projects in priority sectors.
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Businesses transacting in foreign currency can now pay taxes in Naira at official exchange rates, easing forex pressures.
Implementation Timeline:
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The NTA and NTAA take effect January 1, 2026.
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The NRSEA and JRBEA are effective immediately from June 26, 2025.
Oyedele emphasized that this phased rollout allows tax and revenue institutions to prepare fully before full implementation.
Exemptions & Clarifications:
The Presidential Committee also clarified that a proposed 5% fuel surcharge will not apply to household energy products such as kerosene, cooking gas (LPG), compressed natural gas (CNG), and clean or renewable energy, alleviating concerns over the potential impact on the cost of living.
Why It Matters:
These reforms aim to simplify Nigeria’s tax landscape, support small businesses, attract investment, and strengthen the nation’s revenue base, key steps toward fiscal stability and reducing reliance on oil revenues.