The Federal Government has officially published Nigeria’s new tax reform laws in the national gazette, following President Bola Ahmed Tinubu’s assent on June 26, 2025.
This was disclosed in a statement issued on Wednesday by Kamorudeen Yusuf, the Personal Assistant on Special Duties to the President.
According to the statement, the reforms introduce four key legislations: the Nigeria Tax Act 2025, the Nigeria Tax Administration Act 2025, the Nigeria Revenue Service (Establishment) Act 2025, and the Joint Revenue Board (Establishment) Act 2025.
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The gazette outlined several major provisions of the reforms, including tax exemptions and incentives designed to support businesses and attract investment. It stated:
“Small businesses with turnover under ₦100 million and assets below ₦250 million 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: ₦50 billion (local firms) and €750 million (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 document further clarified that 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 came into effect immediately after presidential assent on June 26, 2025.
The Federal Government emphasized that the tax reforms are designed to simplify Nigeria’s tax structure, provide relief to small enterprises, boost investor confidence, and enhance fiscal stability. The initiative, it added, aligns with President Tinubu’s Renewed Hope Agenda, which prioritizes diversifying national revenue away from oil dependence.
