The Federal Government of Nigeria has now published the country’s new tax reform laws in the official gazette following President Bola Tinubu’s approval on June 26.
The Nigeria Tax Act and the Nigeria Tax Administration Act will come into effect on January 1, 2026, while the Nigeria Revenue Service Act and the Joint Revenue Board Act are already in effect as of June 26.
This was made known in a statement released on Wednesday by Kamorudeen Yusuf, the Personal Assistant on Special Duties to the President.
This reforms introduces four key legislations which includes;
- The Nigeria Tax Act 2025, Nigeria Tax Administration Act 2025
- Nigeria Revenue Service (Establishment) Act 2025
- The Joint Revenue Board (Establishment) Act 2025.
The gazette stated, “Small businesses with turnover under ₦100m and assets below ₦250m are exempted from corporate tax.
“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 official statement concluded that these reforms are designed to simplify the tax system, support small businesses, encourage investment, and enhance fiscal stability.
It is important to note that this development is in line with President Tinubu’s Renewed Hope Agenda to diversify the nation’s revenue sources beyond oil.
