By Muhammad Mamman
The Federal Government has published Nigeria’s long-awaited tax reform laws in the official gazette, heralding what experts describe as the most sweeping overhaul of the nation’s fiscal framework in decades.
In a statement signed on Wednesday by Kamorudeen Yusuf, Personal Assistant on Special Duties to the President, it was confirmed that President Bola Tinubu signed the reforms into law on 26 June 2025, establishing a fresh foundation for taxation, administration, and revenue collection.
The reforms comprise four key 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
Under the new framework, small businesses with turnover below ₦100 million and assets under ₦250 million are exempt from corporate tax. For larger firms, the corporate tax rate could be reduced from 30% to 25% at the President’s discretion.
Other highlights include:
- A ₦50 billion threshold for local firms and €750 million for multinationals under new top-up tax rules.
- A 5% annual tax credit for qualifying projects in priority sectors.
- Permission for companies transacting in foreign currency to pay taxes in naira at official exchange rates.
The implementation of the NTA and NTAA is set for 1 January 2026, while the NRSEA and JRBEA will take effect from 26 June 2025.
According to the Presidency, the reforms are designed to simplify Nigeria’s tax system, support small enterprises, attract foreign and domestic investment, and stabilise government finances. They align with President Tinubu’s Renewed Hope Agenda, which seeks to diversify revenue sources and reduce the nation’s reliance on oil.
