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The Federal Government on Wednesday announced the official publication of Nigeria’s new tax reform laws in the national gazette, following President Bola Tinubu’s approval of the reforms on June 26.
The disclosure was made in a statement signed by Kamorudeen Yusuf, the President’s Personal Assistant on Special Duties, outlining when the laws were signed, who authorized them, what was done, and how the public was informed.
The announce formally stated, “Small businesses with turnover under ₦100m and assets below ₦250m are exempted from corporate tax.
“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 Nigeria Tax Act and the Nigeria Tax Administration Act will take effect from January 1, 2026, while the Nigeria Revenue Service Act and the Joint Revenue Board Act became effective from June 26.
“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 concluded.