The Federal Government has officially published Nigeria’s new tax reform laws in the government gazette, following President Bola Tinubu’s approval on June 26.
The development was disclosed in a statement on Wednesday by the President’s Personal Assistant on Special Duties, Kamorudeen Yusuf.
According to the announcement, the reforms introduce 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.
The gazette outlined key provisions, stating, *“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 statement added that while the Nigeria Tax Act and the Nigeria Tax Administration Act will take effect on January 1, 2026, both the Nigeria Revenue Service Act and the Joint Revenue Board Act became effective immediately on June 26.
“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 concluded.
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