By Emiola Osifeso
The Federal Government has officially published Nigeria’s new tax reform laws in the national gazette, formally kick-starting a sweeping overhaul of the country’s fiscal framework.
A statement signed on Wednesday by Kamorudeen Yusuf, Personal Assistant on Special Duties to President Bola Tinubu, confirmed the development.
The reforms, which were signed into law by President Tinubu on June 26, 2025, establish a new foundation for taxation, administration, and revenue collection through four legislations, the Nigeria Tax Act 2025, the Nigeria Tax Administration Act 2025, the Nigeria Revenue Service (Establishment) Act 2025, and the Joint Revenue Board (Establishment) Act 2025.
Among the key provisions are exemptions from corporate tax for small businesses with turnover under ₦100 million and assets below ₦250 million, as well as a discretionary power for the President to cut corporate tax for large firms from 30 percent to 25 percent. The laws also set top-up tax thresholds of ₦50 billion for local firms and €750 million for multinationals, while granting a five percent annual tax credit for eligible projects in priority sectors. In addition, companies transacting in foreign currency may now pay their taxes in naira at official exchange rates.
According to the gazetted document, implementation of the Nigeria Tax Act and the Nigeria Tax Administration Act will begin on January 1, 2026, while the Nigeria Revenue Service Act and the Joint Revenue Board Act came into effect immediately 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,” Yusuf stated.
The development marks one of the most significant steps in modernizing Nigeria’s fiscal system in decades, with stakeholders expected to closely monitor its implementation.
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