FG Gazettes New Tax Reform Laws

The Federal Government has gazetted Nigeria’s new tax reform laws following President Bola Tinubu’s assent on June 26.

The announcement was contained in a statement on Wednesday by the President’s Personal Assistant on Special Duties, Kamorudeen Yusuf.

The reforms introduced four new legislations: the Nigeria Tax Act 2025, Nigeria Tax Administration Act 2025, Nigeria Revenue Service (Establishment) Act 2025, and the Joint Revenue Board (Establishment) Act 2025.

According to the gazette, small businesses with turnover below ₦100m and assets under ₦250m are now exempted from corporate tax, while large companies may see their corporate tax rate reduced from 30 per cent to 25 per cent at the discretion of the President.

The new framework also sets top-up tax thresholds at ₦50bn for local firms and €750m for multinational corporations. In addition, a five per cent annual tax credit has been introduced for eligible priority-sector projects, while companies transacting in foreign currency may now pay their taxes in naira at official exchange rates.

The Nigeria Tax Act and the Nigeria Tax Administration Act will take effect from January 1, 2026, while the Nigeria Revenue Service Act and the Joint Revenue Board Act came into force immediately after Tinubu’s assent on June 26.

“The 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 added.