The Federal Government, FG, has published Nigeria’s new tax reform laws in the government gazette, marking a significant step in the country’s fiscal transformation.
The four new legislations, signed into law by President Bola Tinubu on June 26, 2025, are designed to create a more streamlined and efficient system for taxation, administration, and revenue collection.
This was made known in a statement signed by the Personal Assistant on Special Duties to the President, Kamorudeen Yusuf, on Wednesday.
The reforms are embodied in four key Acts: 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.
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According to Yusuf, the Personal Assistant on Special Duties to the President, the new laws contain several major provisions.
Notably, small businesses with an annual turnover of less than ₦100 million and assets below ₦250 million will be exempt from corporate tax.
The reforms also introduce a discretionary cut to the corporate tax rate for large firms, from 30% to 25%, at the President’s prerogative.
Furthermore, the new framework establishes top-up tax thresholds of ₦50 billion for local firms and €750 million for multinationals.
To encourage investment, a 5% annual tax credit will be available for eligible priority-sector projects.
The laws also permit companies transacting in foreign currency to pay their taxes in naira at the official exchange rate.
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The implementation of these laws will be staggered. The NTA and NTAA are scheduled to take effect on January 1, 2026, while the NRSEA and JRBEA became effective upon their signing on June 26, 2025.
These reforms are a central component of Tinubu’s “Renewed Hope Agenda”, aiming to diversify the nation’s revenue sources and create a more attractive environment for investment and economic stability.
