The Federal Government has officially published Nigeria’s new tax reform laws in the national gazette following President Bola Tinubu’s assent on June 26, 2025.

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

According to a statement signed on Wednesday by Kamorudeen Yusuf, Personal Assistant on Special Duties to the President, the reforms are designed to simplify the tax system, ease the burden on small businesses, and attract investment in line with Tinubu’s Renewed Hope Agenda.

The gazette outlined several major provisions:

• Tax relief for small businesses: Firms with turnover below ₦100 million and assets under ₦250 million are exempted from corporate tax.
• Corporate tax flexibility: The rate for large firms, currently at 30%, may be cut to 25% at the President’s discretion.
• Top-up tax thresholds: ₦50 billion for local companies and €750 million for multinational corporations.
• Incentives for development projects: A 5% annual tax credit has been introduced for eligible priority-sector projects.
• Foreign currency transactions: Companies earning in foreign currencies can now pay taxes in naira at the official exchange rate.

The gazette further clarified that the Nigeria Tax Act and Nigeria Tax Administration Act will take effect on January 1, 2026, while the Nigeria Revenue Service Act and Joint Revenue Board Act became effective immediately on 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 concluded.