FG Gazettes Tax Reform Laws
Nigeria has taken a significant step in transforming its taxation landscape by publishing comprehensive tax reform legislation in the official gazette.
The announcement came through a statement issued by Kamorudeen Yusuf, serving as Personal Assistant on Special Duties to the President, released on Wednesday.
President Bola Tinubu enacted these sweeping changes on June 26, 2025, establishing a modernised approach to tax policy, administrative procedures, and revenue generation across the country.
The legislative package encompasses four key acts: 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.
Key provisions include: “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 reforms will be implemented in phases. The NTA and NTAA will become operational on January 1, 2026, while the NRSEA and JRBEA will take effect immediately upon signing 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 added.
