The Nigerian government has officially published the country’s new tax reform laws in the government gazette, marking a significant overhaul of its fiscal framework. This development was announced in a statement by the Personal Assistant on Special Duties to the President, Kamorudeen Yusuf, on Wednesday. The reforms, signed into law by President Bola Tinubu on June 26, 2025, aim to establish a new foundation for taxation, administration, and revenue collection.
The new tax reform laws comprise four key legislations: the Nigeria Tax Act, the Nigeria Tax Administration Act, the Nigeria Revenue Service Establishment Act, and the Joint Revenue Board Establishment Act, all enacted in 2025. Notably, small businesses with turnovers under ₦100 million and assets below ₦250 million will be exempt from corporate tax. Additionally, the corporate tax rate for large firms may be reduced from 30% to 25% at the President’s discretion, with top-up tax thresholds set at ₦50 billion for local firms and €750 million for multinationals.
Other key provisions include the introduction of a 5% annual tax credit for eligible priority-sector projects and the allowance for companies transacting in foreign currency to pay taxes in naira at official exchange rates. The implementation timeline for the Nigeria Tax Act and the Nigeria Tax Administration Act is set to take effect on January 1, 2026, while the Nigeria Revenue Service Establishment Act and the Joint Revenue Board Establishment Act will be effective from June 26, 2025.
These reforms are designed to simplify Nigeria’s tax system, support small businesses, attract investment, and strengthen fiscal stability. The measures align with President Tinubu’s Renewed Hope Agenda, which aims to diversify revenue away from oil. By streamlining the tax framework, the government seeks to create a more conducive environment for economic growth and development. The publication of the new tax reform laws in the government gazette marks a significant step towards implementing these reforms, which are expected to have a profound impact on Nigeria’s fiscal landscape.