Wednesday, September 10, 2025 - The Federal Government has officially published Nigeria’s new tax reform laws in the government gazette, marking a historic overhaul of the country’s fiscal framework.
This was revealed in a statement signed by the Personal
Assistant on Special Duties to the President, Kamorudeen Yusuf, on Wednesday.
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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