Olushola Omogbehin
Sequel to President Bola Tinubu’s assent on the new Nigeria’s tax reform on June 26, 2025, the long-awaited tax reforms have been officially published in the government gazette, marking a major step in overhauling the country’s fiscal framework.
This was contained in a statement signed by the Personal Assistant on Special Duties to the President, Kamorudeen Yusuf, on Wednesday.
The four major areas of the new tax reforms which officially establish a new foundation for taxation, administration and revenue collection in Africa’s largest economy are: Nigeria Tax Act (NTA), 2025, Nigeria Tax Administration Act (NTAA), 2025, Nigeria Revenue Service (Establishment) Act (NRSEA), 2025 and Joint Revenue Board (Establishment) Act (JRBEA), 2025.
According to the gazette, “Small businesses with turnover under ₦100m and assets below ₦250m are exempted from corporate tax while corporate tax rate for large firms may be cut from 30% to 25% at the President’s discretion.
“Top-up tax thresholds: ₦50bn (local firms) and €750m (multinationals).
“5% annual tax credit introduced for eligible priority-sector projects.
“Companies transacting in foreign currency may now pay taxes in naira at official exchange rates.”
The implementation timeline stated that 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 effective from June 26.
The statement concluded that: “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.”
