The Federal Government has “officially published” Nigeria’s new tax reform laws in the “government gazette,” describing it as a “historic overhaul of the country’s fiscal framework.”
The announcement was made in a statement on Wednesday by the Personal Assistant on Special Duties to the President, Kamorudeen Yusuf.
The reforms were signed into law by President Bola Tinubu on “June 26, 2025.”
The four legislations are:
- The Nigeria Tax Act (NTA), 2025
- The Nigeria Tax Administration Act (NTAA), 2025
- The Nigeria Revenue Service (Establishment) Act (NRSEA), 2025
- And the Joint Revenue Board (Establishment) Act (JRBEA), 2025
The statement detailed several provisions, including: “Small businesses with turnover under ₦100m and assets below ₦250m are exempted from corporate tax.”
It added that the “Corporate tax rate for large firms may be cut from 30% to 25% at the President’s discretion.”
Other provisions include “Top-up tax thresholds: ₦50bn (local firms) and €750m (multinationals),” a “5% annual tax credit introduced for eligible priority-sector projects,” and that “Companies transacting in foreign currency may now pay taxes in naira at official exchange rates.”
While the NTA and NTAA will take effect on “January 1, 2026,” the NRSEA and JRBEA are “effective from June 26, 2025.”
The statement concluded that the 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.”
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