Godsent Ogbebor
FG Gazettes New Tax Laws to Reshape Revenue System
The Federal Government has formally published Nigeria’s new tax reform laws in the official gazette, marking what authorities describe as the most sweeping changes to the nation’s fiscal system in decades.
The laws, which were signed by President Bola Tinubu on June 26, 2025, introduce fresh rules on taxation, revenue collection, and administration across the country. According to a statement by the President’s aide on Special Duties, Kamorudeen Yusuf, the reforms are designed to simplify tax processes, ease the burden on small businesses, and attract new investment.
The package includes four legislations: the Nigeria Tax Act (NTA), 2025; Nigeria Tax Administration Act (NTAA), 2025; Nigeria Revenue Service (Establishment) Act (NRSEA), 2025; and the Joint Revenue Board (Establishment) Act (JRBEA), 2025.
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Key provisions exempt businesses with turnover under ₦100 million and assets below ₦250 million from corporate tax, while larger firms may see their rate cut from 30 percent to 25 percent at the President’s discretion. The reforms also introduce a 5 percent annual tax credit for approved projects in priority sectors, and permit companies trading in foreign currency to pay taxes in naira at official exchange rates.
The government said the Nigeria Tax Act and the Nigeria Tax Administration Act will take effect on January 1, 2026, while the Nigeria Revenue Service Act and Joint Revenue Board Act came into force immediately after being signed.
Officials stressed that the reforms are central to President Tinubu’s Renewed Hope Agenda, which aims to diversify revenue sources, reduce dependence on oil, and build long-term economic stability.
