The Federal Government of Nigeria has officially published the country’s new tax reform laws in the government gazette, ushering in a landmark overhaul of the nation’s fiscal framework.
This development was announced in a statement signed by Kamorudeen Yusuf, Personal Assistant on Special Duties to the President, on Wednesday.Signed into law by President Bola Tinubu on June 26, 2025, the reforms lay the groundwork for a modernised system of taxation, administration, and revenue collection.
The four key legislations are: 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.
Key highlights of the reforms include significant relief for small enterprises and incentives for larger businesses.
“Small businesses with turnover under ₦100m and assets below ₦250m are exempted from corporate tax,” the statement outlined. It further noted that “corporate tax rate for large firms may be cut from 30% to 25% at the President’s discretion.”
Additional measures encompass top-up tax thresholds of ₦50bn for local firms and €750m for multinationals, a 5% annual tax credit for eligible priority-sector projects, and provisions allowing companies transacting in foreign currency to pay taxes in naira at official exchange rates.
Implementation timelines vary: the NTA and NTAA will take effect on January 1, 2026, while the NRSEA and JRBEA become operational from June 26, 2025.
The statement emphasised the transformative intent behind these changes: “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.”