The Federal Government has officially gazetted a new set of tax reform laws, following President Bola Tinubu’s assent on June 26, 2025. This move marks a major restructuring of Nigeria’s fiscal and tax administration landscape.
In a statement released Wednesday via X (formerly Twitter), Kamorudeen Yusuf, Personal Assistant on Special Duties to the President, announced the publication of the laws in the national gazette.
The new legal framework includes four key legislations
– Nigeria Tax Act (NTA) 2025
– Nigeria Tax Administration Act (NTAA) 2025
– Nigeria Revenue Service (Establishment) Act (NRSEA) 2025
– Joint Revenue Board (Establishment) Act (JRBEA) 2025
These reforms are designed to modernise Nigeria’s tax system, improve revenue generation, and promote transparency in administration.
Among the key highlights:
– Small businesses with annual turnover below ₦100 million and total assets under ₦250 million are now exempt from corporate tax.
– The corporate tax rate for larger companies could be reduced from 30% to 25%, subject to presidential discretion.
– A “top-up” tax will apply to local firms with revenues exceeding ₦50 billion and multinational companies earning above €750 million.
Additionally, the reforms introduce a 5% annual tax credit for eligible investments in key sectors, especially agriculture. Businesses dealing in foreign currencies can now remit taxes in naira, calculated at the official exchange rate.
Yusuf explained that the NTA and NTAA will take effect from January 1, 2026, while the NRSEA and JRBEA became effective immediately from June 26, 2025.
“These reforms are intended to streamline the tax system, foster a more business-friendly environment, encourage investment, and enhance Nigeria’s fiscal resilience,” Yusuf said.
He added that the initiative aligns with President Tinubu’s Renewed Hope Agenda, aimed at reducing dependence on oil revenues.
The gazetting of these laws provides the necessary legal framework to begin implementation and enforcement, offering clear guidelines for both local and international taxpayers operating in Nigeria.
