The Federal Government has officially gazetted Nigeria’s sweeping new tax reform laws, marking what officials describe as the most comprehensive overhaul of the nation’s fiscal framework in decades.

In a statement issued on Wednesday by the Personal Assistant on Special Duties to the President, Kamorudeen Yusuf, the reforms were confirmed to have been signed into law by President Bola Tinubu on June 26, 2025.

The four legislations, which now form the backbone of the new tax regime, include the Nigeria Tax Act (NTA) 2025, the Nigeria Tax Administration Act (NTAA) 2025, the Nigeria Revenue Service (Establishment) Act (NRSEA) 2025, and the Joint Revenue Board (Establishment) Act (JRBEA) 2025.

According to the statement, the reforms introduce major provisions designed to ease compliance, stimulate investment, and expand revenue sources. Among them:

  • Exemption: Small businesses with turnover below ₦100 million and assets under ₦250 million are exempted from corporate tax.

  • Corporate Tax: Large firms may see corporate tax rates reduced from 30% to 25% at the President’s discretion.

  • Top-Up Tax: New thresholds set at ₦50 billion for local companies and €750 million for multinationals.

  • Tax Credits: A 5% annual tax credit has been introduced for eligible priority-sector projects.

  • Currency Flexibility: Companies transacting in foreign currency may now pay taxes in naira at official exchange rates.

The timeline for implementation will see the NTA and NTAA take effect from January 1, 2026, while the NRSEA and JRBEA become operational immediately, 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.

Analysts say the measures could significantly reshape Nigeria’s investment climate, though success will depend on how effectively the reforms are implemented and enforced.