The Federal Government has published Nigeria’s new tax reform laws in the official gazette, formally setting in motion a historic overhaul of the country’s fiscal framework.

A statement signed on Wednesday by Kamorudeen Yusuf, Personal Assistant on Special Duties to the President, confirmed the development.

The reforms, signed into law by President Bola Tinubu on June 26, 2025, establish a new foundation for taxation, administration, and revenue collection through 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.

Key provisions include exemption from corporate tax for small businesses with turnover under ₦100 million and assets below ₦250 million, discretionary power for the President to cut corporate tax for large firms from 30% to 25%, top-up tax thresholds of ₦50 billion for local firms and €750 million for multinationals, and a 5% annual tax credit for eligible priority-sector projects. Companies transacting in foreign currency may now also pay taxes in naira at official exchange rates.

While implementation of the NTA and NTAA will take effect from January 1, 2026, the NRSEA and JRBEA are effective from 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,” the statement said.

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