The Federal Government has gazetted Nigeria’s new tax reform laws.
This brings into effect the sweeping fiscal changes signed by President Bola Tinubu in June.
The publication of the reforms was confirmed on Wednesday in a statement issued by Kamorudeen Yusuf, Personal Assistant on Special Duties to the President.
The laws cover four key legislations: the Nigeria Tax Act 2025, Nigeria Tax Administration Act 2025, Nigeria Revenue Service (Establishment) Act 2025, and the Joint Revenue Board (Establishment) Act 2025.
Highlights of the reforms include the exemption of small businesses with turnover below ₦100 million and assets under ₦250 million from corporate tax, a potential cut in corporate tax rates for large firms from 30 to 25 per cent at the President’s discretion, and the introduction of a 5 per cent annual tax credit for eligible priority-sector projects.
Other provisions set top-up tax thresholds of ₦50 billion for local firms and €750 million for multinationals, while companies transacting in foreign currency may now pay taxes in naira at official exchange rates.
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 became operational immediately after the President’s assent on June 26, 2025.
According to the government, the reforms aim to simplify Nigeria’s tax system, support small businesses, attract investment, and strengthen fiscal stability in line with President Tinubu’s Renewed Hope Agenda to diversify revenue away from oil.
When signing the bills into law in June, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, had said the reforms were designed to spur business growth and boost Nigerians’ purchasing power.