Nigeria has gazetted sweeping tax reforms following President Tinubu’s assent on June 26.
The new laws cut corporate tax for small businesses, simplify administration, and aim to boost investment nationwide.
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The Federal Government has released Nigeria’s latest tax reform laws in the official gazette, following President Bola Tinubu’s assent on June 26.
The update was disclosed in a statement issued on Wednesday by Kamorudeen Yusuf, Personal Assistant on Special Duties to the President.
The reforms cover four new legislations: the Nigeria Tax Act 2025, the Nigeria Tax Administration Act 2025, the Nigeria Revenue Service (Establishment) Act 2025, and the Joint Revenue Board (Establishment) Act 2025.
According to details in the gazette, small businesses with annual turnover below ₦100 million and assets less than ₦250 million will not be required to pay corporate tax. It further noted that the President has the discretion to lower the corporate tax rate for larger firms from 30 percent to 25 percent.
Other provisions include:
- A top-up tax threshold of ₦50 billion for local companies and €750 million for multinationals.
- A 5 percent annual tax credit for qualifying projects in priority sectors.
- Permission for companies earning in foreign currency to remit their taxes in naira, using the official exchange rate.
The Nigeria Tax Act and the Nigeria Tax Administration Act are expected to take effect from January 1, 2026. However, both the Nigeria Revenue Service Act and the Joint Revenue Board Act became operational immediately after the President’s assent on June 26.
The statement explained that the reforms are designed to simplify the tax framework, ease the burden on small businesses, encourage investment, and strengthen government revenue. It added that the measures are in line with Tinubu’s “Renewed Hope Agenda” to reduce reliance on oil income.
