The Federal Government has officially published Nigeria’s new tax reform laws in the government gazette, signalling what it described as a historic overhaul of the nation’s fiscal framework.

Naijaonpoint reports that the reforms, which were signed into law by President Bola Tinubu on June 26, 2025, introduce new structures for taxation, administration, and revenue collection.

According to a statement issued on Wednesday by Personal Assistant on Special Duties to the President, Kamorudeen Yusuf, the new fiscal regime is anchored on four legislations:

Nigeria Tax Act (NTA), 2025
Nigeria Tax Administration Act (NTAA), 2025
Nigeria Revenue Service (Establishment) Act (NRSEA), 2025
Joint Revenue Board (Establishment) Act (JRBEA), 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 said.

The new tax framework introduces sweeping changes, particularly for small and large businesses:

Exemptions: Small businesses with turnover under ₦100m and assets below ₦250m are exempted from corporate tax.
Corporate tax rate: For large firms, the rate may be reduced from 30% to 25% at the President’s discretion.
Top-up tax thresholds: ₦50bn for local firms and €750m for multinationals.
Tax credits: A 5% annual tax credit introduced for eligible projects in priority sectors.
Currency transactions: Companies transacting in foreign currency may now pay taxes in naira at official exchange rates.

Implementation Timeline

The government explained that the reforms would be rolled out in phases. The NTA & NTAA will take effect from January 1, 2026, while the NRSEA & JRBEA will become operational from June 26, 2025.

Officials say the staggered timeline is meant to give businesses time to adjust and allow regulatory bodies to put the necessary infrastructure in place.

The Tinubu administration insists the reforms are not just about revenue collection but about positioning Nigeria for long-term stability.

“These measures are designed to encourage compliance, incentivise investment in key sectors, and build a more transparent, predictable tax system that can sustain our economy beyond oil,” Yusuf added.