The Federal Government has released Nigeria’s new tax reform laws in the official gazette, following President Bola Tinubu’s assent on June 26.
The development was confirmed in a statement issued on Wednesday by Kamorudeen Yusuf, the President’s Personal Assistant on Special Duties.
The reforms introduce four 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 the gazette, small businesses with an annual turnover of less than N100 million and assets below N250 million are exempted from corporate tax.
It also provides for a possible reduction of the corporate tax rate for large companies from 30 to 25 percent at the President’s discretion.
In addition, new top-up tax thresholds have been set at N50 billion for local firms and €750 million for multinational corporations. The laws also introduce a 5 percent annual tax credit for projects in priority sectors, while companies transacting in foreign currency now have the option to settle 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 became effective immediately after presidential assent on June 26, 2025.
The Presidency explained that the reforms are designed to simplify Nigeria’s tax regime, support small and medium enterprises, attract investment, and strengthen fiscal stability, aligning with President Tinubu’s Renewed Hope Agenda to diversify government revenue away from oil.
