Our reporter/ The Federal Government on Wednesday officially published Nigeria’s new tax reform laws in the government gazette, marking a historic overhaul of the country’s fiscal framework.
The Personal Assistant on Special Duties to the President, Kamorudeen Yusuf, made the disclosure via a statement on X [Formerly Twitter].
Signed into law by President Bola Tinubu on June 26, 2025, the reforms establish a new foundation for taxation, administration, and revenue collection.
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.
“Small businesses with turnover under ₦100m and assets below ₦250m are exempted from corporate tax.
“Corporate tax rate for large firms may be cut from 30% to 25% at the President’s discretion. “Top-up tax thresholds: ₦50bn (local firms) and €750m (multinationals).
“5% annual tax credit introduced for eligible priority-sector projects.
“Companies transacting in foreign currency may now pay taxes in naira at official exchange rates.”
The statement noted that while the implementation timeline for the NTA & NTAA takes effect on January 1, 2026, NRSEA & JRBEA will be effective from 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.
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