The Federal Government has formally gazetted Nigeria’s new tax reform laws, which officials describe as the most comprehensive overhaul of the nation’s fiscal framework in decades.
The reforms, signed into law by President Bola Tinubu on June 26, 2025, were confirmed in a statement issued Wednesday by Kamorudeen Yusuf, Personal Assistant on Special Duties to the President.
The legislation comprises four enactments: the 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.
According to the gazette, small businesses with an annual turnover below ₦100 million and assets valued under ₦250 million will be exempt from corporate tax. Larger firms may also benefit from a potential reduction in the corporate tax rate, which could be lowered from 30 percent to 25 percent at the discretion of the President.
Other provisions include a top-up tax threshold of ₦50 billion for domestic companies and €750 million for multinational corporations, alongside a 5 percent annual tax credit for eligible projects in priority sectors. In addition, companies conducting transactions in foreign currency may now settle their tax liabilities in naira at the official exchange rate.
The NTA and NTAA are scheduled to take effect on January 1, 2026, while the NRSEA and JRBEA became effective immediately upon presidential assent in June.
The Presidency explained that the reforms aim to simplify the tax system, reduce the burden on small enterprises, attract investment, and strengthen fiscal stability. They are also expected to support the administration’s “Renewed Hope Agenda,” which seeks to diversify government revenue beyond oil.
