The federal government has officially published Nigeria’s new tax reform laws in the government gazette, marking a historic overhaul of the country’s fiscal framework.
This was revealed in a statement signed by the Personal Assistant to the President on Special Duties, Mr Kamorudeen Yusuf, on Wednesday.
Signed into law by President Bola Tinubu on June 26, 2025, the reforms establish a new foundation for taxation, administration, and revenue collection based on four keenly contested bills.
The four legislations are: Nigeria Tax Act (NTA), 2025, Nigeria Tax Administration Act (NTAA), 2025, Nigeria Revenue Service (Establishment) Act (NRSEA), 2025, and the Joint Revenue Board (Establishment) Act (JRBEA), 2025.
By officially publishing these laws, Nigeria has confirmed the legitimacy of these legislations, notifying citizens, institutions, and businesses of these laws, and therefore, they have come into effect.
He noted that key features includes small businesses with turnover under N100 million and assets below N250 million are exempted from corporate tax while corporate tax rate for large firms may be cut from 30 per cent to 25 per cent at the President’s discretion.
“Top-up tax thresholds: N50 billion (local firms) and €750 million (multinationals).
“5 per cent annual tax credit introduced for eligible priority-sector projects.
“Companies transacting in foreign currency may now pay taxes in Naira at official exchange rates,” Mr Yusuf stated.
The statement noted that while the implementation timeline for the Nigeria Tax Act and Nigeria Tax Administration Act takes effect on January 1, 2026, the Nigeria Revenue Service (Establishment) Act and Joint Revenue Board (Establishment) Act have become effective since June 26, 2025.
“These reforms aim to simplify Nigeria’s tax system, support small businesses, attract investment, and strengthen fiscal stability, aligning with President Tinubu’s Renewed Hope Agenda to diversify revenue away from oil,” the statement added.