Yemi Obafemi
The Federal Government has officially published Nigeria’s new tax reform laws in the government gazette,marking what it described as a historic overhaul of the country’s fiscal framework.
This was disclosed in a statement signed by Kamorudeen Yusuf, Personal Assistant on Special Duties to the President, who noted that the reforms were signed into law by President Bola Ahmed Tinubu on June 26, 2025.
According to the statement, the four reforms: Nigeria Tax Act (NTA), 2025, Nigeria Tax Administration Act (NTAA), 2025, Nigeria Revenue Service (Establishment) Act (NRSEA), 2025, and Joint Revenue Board (Establishment) Act (JRBEA), 2025, 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 reforms, “mark a historic overhaul of the country’s fiscal framework. Signed into law by President Bola Ahmed Tinubu on June 26, 2025, the reforms establish a new foundation for taxation, administration, and revenue collection,” the statement added.
The statement highlighted that “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 are set at ₦50bn for local firms and €750m for multinationals.
” 5% annual tax credit has been introduced for eligible priority-sector projects, and companies transacting in foreign currency may now pay taxes in naira at official exchange rates.”
The statement further revealed that the NTA and NTAA will take effect from January 1, 2026, while NRSEA and JRBEA became effective from June 26, 2025.
