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. The announcement came from Kamorudeen Yusuf, the President’s Personal Assistant on Special Duties, in a statement on Wednesday.
The reforms, signed into law by President Bola Tinubu on 26 June 2025, aim to establish a new foundation for taxation, administration, and revenue collection. They consist of four key pieces of legislation enacted in 2025: the Nigeria Tax Act, the Nigeria Tax Administration Act, the Nigeria Revenue Service Establishment Act, and the Joint Revenue Board Establishment Act.
Among the notable provisions, small businesses with turnovers under ₦100 million and assets below ₦250 million will be exempt from corporate tax. For larger firms, the corporate tax rate may be reduced from 30 % to 25 % at the President’s discretion, with top‑up tax thresholds set at ₦50 billion for local companies and €750 million for multinationals. The reforms also introduce a 5 % annual tax credit for eligible priority‑sector projects and allow companies that transact in foreign currency to pay taxes in naira at official exchange rates.
The implementation timeline is staggered: the Nigeria Tax Act and the Nigeria Tax Administration Act will take effect on 1 January 2026, while the Nigeria Revenue Service Establishment Act and the Joint Revenue Board Establishment Act are effective from 26 June 2025.
These measures are designed to simplify Nigeria’s tax system, support small businesses, attract investment, and strengthen fiscal stability. They align with President Tinubu’s Renewed Hope Agenda, which seeks to diversify revenue away from oil. By streamlining the tax framework, the government aims to create a more conducive environment for economic growth and development. The publication of the new tax reform laws in the gazette marks a significant step toward implementing these changes, which are expected to have a profound impact on Nigeria’s fiscal landscape.
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