The Presidency has announced sweeping tax reforms designed to simplify Nigeria’s tax system, boost investment, and strengthen fiscal stability.
In a statement issued by the Personal Assistant on Special Duties to the President, Kamorudeen Yusuf, it was revealed that President Bola Tinubu signed the reforms into law on June 26, 2025.
The legislative package includes four key laws:
Nigeria Tax Act (NTA), 2025
Nigeria Tax Administration Act (NTAA), 2025
Nigeria Revenue Service (Establishment) Act (NRSEA), 2025
Joint Revenue Board (Establishment) Act (JRBEA), 2025
Under the reforms:
Small businesses with annual turnover below ₦100 million and assets under ₦250 million are exempted from corporate tax.
Corporate tax for large companies may be reduced from 30% to 25% at the President’s discretion.
New top-up tax thresholds are set at ₦50 billion for local firms and €750 million for multinationals.
A 5% annual tax credit has been introduced for projects in priority sectors.
Companies earning revenue in foreign currency may now pay taxes in naira at official exchange rates.
The statement explained that the NTA and NTAA will 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 added.
