The Federal Government has officially published Nigeria’s new tax reform laws in the national gazette, following President Bola Tinubu’s assent on June 26.
This was disclosed in a statement issued on Wednesday by Kamorudeen Yusuf, Personal Assistant on Special Duties to the President.
The tax reforms introduce four key legislations:
Nigeria Tax Act 2025
Nigeria Tax Administration Act 2025
Nigeria Revenue Service (Establishment) Act 2025
Joint Revenue Board (Establishment) Act 2025
According to the gazette, small businesses with an annual turnover below ₦100 million and assets under ₦250 million are exempt from corporate tax.
It also states that the corporate tax rate for large companies may be reduced from 30% to 25% at the discretion of the President.
Other provisions include:
A ₦50 billion top-up tax threshold for local firms and €750 million for multinationals
A 5% annual tax credit for approved projects in priority sectors
Companies engaged in foreign currency transactions can now pay taxes in naira at official exchange rates
The Nigeria Tax Act and Nigeria Tax Administration Act will come into effect on January 1, 2026, while the Nigeria Revenue Service Act and Joint Revenue Board Act took effect from June 26.
“These reforms are designed to simplify Nigeria’s tax system, promote small businesses, attract investment, and enhance fiscal stability,” the statement added, aligning the initiative with President Tinubu’s Renewed Hope Agenda to diversify government revenue beyond oil.
