THE Federal Government has officially gazetted Nigeria’s new tax reform laws, a move described as one of the most significant overhauls of the nation’s fiscal system in decades.
According to a statement released today by the Personal Assistant on Special Duties to President Bola Tinubu, Kamorudeen Yusuf, the reforms were signed into law on June 26, 2025, and set as a new framework for taxation, administration, and revenue collection across the country.
The new legal framework is anchored on four legislations: the Nigeria Tax Act (NTA) 2025, the Nigeria Tax Administration Act (NTAA) 2025, the Nigeria Revenue Service (Establishment) Act (NRSEA) 2025, and the Joint Revenue Board (Establishment) Act (JRBEA) 2025.
Among the provisions, small businesses with annual turnover below ₦100 million and assets below ₦250 million will be exempted from corporate tax.
The reforms also empower the President to reduce the corporate tax rate for large companies from 30% to 25% at discretion.
Additional measures include new top-up tax thresholds—₦50 billion for domestic firms and €750 million for multinational corporations—alongside a 5% annual tax credit for qualifying projects in priority sectors.
Companies dealing in foreign currency transactions may now settle their tax obligations in naira at official exchange rates.
Implementation timelines differ: the NTA and NTAA will take effect from January 1, 2026, while the NRSEA and JRBEA became effective from June 26, 2025.
Government officials emphasized that the reforms are designed to simplify Nigeria’s tax system, ease the burden on small businesses, attract foreign and local investments, and strengthen fiscal stability.
They also align with President Tinubu’s “Renewed Hope Agenda,” which seeks to diversify government revenue away from oil dependence.