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Nigeria has entered a new era of fiscal governance as the Federal Government formally published its sweeping tax reform legislations in the official gazette, signalling the most comprehensive overhaul of the nation’s tax framework in decades.

The development was confirmed in a statement issued on Wednesday by Kamorudeen Yusuf, Personal Assistant on Special Duties to President Bola Tinubu.

The reforms, signed into law by President Tinubu on June 26, 2025, set a fresh legal and institutional foundation for taxation, revenue collection, and administrative processes.

The legislative package comprises four key enactments: 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.

Among the notable provisions:

• Small businesses with annual turnover below ₦100 million and assets under ₦250 million are exempted from corporate income tax.

• The corporate tax rate for larger firms could be reduced from 30% to 25%, subject to presidential approval.

• Top-up tax thresholds are fixed at ₦50 billion for local companies and €750 million for multinational enterprises.

• A 5% annual tax credit is introduced to incentivise investment in priority sectors.

• Firms transacting in foreign currency may now settle tax obligations in naira at the official exchange rate.

The reforms are expected to reshape Nigeria’s fiscal landscape, aiming to ease compliance, encourage investment, and strengthen revenue generation at both federal and state levels.

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