The Federal Government has officially published Nigeria’s new tax reform laws in the national gazette, marking a major overhaul of the country’s fiscal framework.
The announcement was made in a statement by Kamorudeen Yusuf, Personal Assistant on Special Duties to the President, via his X handle. The publication follows President Bola Tinubu’s assent on June 26, 2025, to four legislations forming the core of the reforms.
The new laws are the Nigeria Tax Act (NTA) 2025, Nigeria Tax Administration Act (NTAA) 2025, Nigeria Revenue Service (Establishment) Act (NRSEA) 2025, and the Joint Revenue Board (Establishment) Act (JRBEA) 2025.
The reforms introduce a new foundation for taxation, administration, and revenue collection. Key provisions include the exemption of small businesses with turnover under ₦100 million and assets below ₦250 million from corporate tax, reduction of the corporate tax rate for large firms from 30 percent to 25 percent at the President’s discretion, and top-up tax thresholds set at ₦50 billion for local firms and €750 million for multinationals.
Other measures include a 5 percent annual tax credit for eligible priority-sector projects, particularly in agriculture, and permission for companies transacting in foreign currency to pay taxes in naira at official exchange rates.
According to Yusuf, the NTA and NTAA will take effect on January 1, 2026, while the NRSEA and JRBEA will commence on June 26, 2025.
“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,” Yusuf said.
