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The Federal Government has officially published Nigeria\u2019s new tax reform laws in the national gazette, signaling a historic overhaul of the country\u2019s fiscal and revenue framework. A statement released on Wednesday by Kamorudeen Yusuf, Personal Assistant on Special Duties to the President, confirmed that the reforms\u2014signed into law by President Bola Ahmed Tinubu on June 26, 2025\u2014are designed to simplify taxation, support businesses, and strengthen fiscal stability in line with the administration\u2019s Renewed Hope Agenda.
The sweeping reforms comprise four legislations: 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. Together, these laws lay a new foundation for revenue collection, tax governance, and investment-friendly policies. Notably, implementation timelines vary, with the NTA and NTAA set to take effect from January 1, 2026, while the NRSEA and JRBEA became effective immediately from June 26, 2025.
Key provisions of the reforms include significant reliefs for small enterprises, as businesses with annual turnover below \u20a6100 million and assets under \u20a6250 million are now exempted from corporate tax. Larger firms may also benefit from a possible reduction in the corporate tax rate from 30 percent to 25 percent, subject to presidential approval. Additionally, a top-up tax has been introduced with thresholds of \u20a650 billion for local firms and \u20ac750 million for multinationals, ensuring equitable contributions from big corporations.
To stimulate growth in critical sectors, the reforms provide a five percent annual tax credit for eligible projects in priority industries. In a move to ease foreign currency exposure, companies conducting international transactions can now settle their tax liabilities in naira, using official exchange rates. The government believes these incentives will help attract foreign investment, diversify revenue sources beyond oil, and strengthen Nigeria\u2019s fiscal resilience in an increasingly competitive global economy.
According to the presidency, the reforms mark a bold step toward modernizing Nigeria\u2019s tax system. By balancing investor-friendly measures with stronger revenue safeguards, the Tinubu administration hopes to unlock new opportunities for businesses while ensuring sustainable economic development for the nation.<\/p>\n\n\n\n
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The Federal Government has officially published Nigeria\u2019s new tax reform laws in the national gazette, signaling a historic overhaul of the country\u2019s fiscal and revenue framework. A statement released on Wednesday by Kamorudeen Yusuf, Personal Assistant on Special Duties to the President, confirmed that the reforms\u2014signed into law by President Bola Ahmed Tinubu on June […]<\/p>\n","protected":false},"author":7,"featured_media":18451,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,3],"tags":[],"class_list":["post-18452","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-naija-news"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.funminews.com\/wp-content\/uploads\/2025\/09\/images-2025-09-11T090310.906.jpeg?fit=700%2C375&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/posts\/18452","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/comments?post=18452"}],"version-history":[{"count":1,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/posts\/18452\/revisions"}],"predecessor-version":[{"id":18453,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/posts\/18452\/revisions\/18453"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/media\/18451"}],"wp:attachment":[{"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/media?parent=18452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/categories?post=18452"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/tags?post=18452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}