The federal government has gazetted Nigeria’s new tax reform laws, marking what it described as a historic overhaul of the country’s fiscal framework.
A statement issued on Wednesday by Kamorudeen Yusuf, personal assistant on special duties to the president, confirmed that the reforms — signed into law by President Bola Tinubu on June 26, 2025 — establish a fresh foundation for taxation, administration, and revenue collection.
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.
According to the statement, small businesses with turnover below ₦100 million and assets under ₦250 million will be exempted from corporate tax. Large companies may see their corporate tax rate reduced from 30 percent to 25 percent at the president’s discretion.
The reforms also introduce a ₦50 billion top-up tax threshold for local firms and a €750 million benchmark for multinational corporations. In addition, eligible projects in priority sectors will qualify for a five percent annual tax credit, while companies conducting transactions in foreign currency may now settle their taxes in naira at official exchange rates.
The government said the implementation dates vary: while the NTA and NTAA take effect from January 1, 2026, the NRSEA and JRBEA became effective on 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 said.
