The Federal Government has officially published Nigeria’s new tax reform laws in the government gazette, marking a historic overhaul of the country’s fiscal framework.

This was disclosed in a statement issued on Wednesday by Kamorudeen Yusuf, Personal Assistant on Special Duties to the President.

The reforms, signed into law by President Bola Tinubu on 26 June 2025, establish a new foundation for taxation, administration, and revenue collection.

The four legislations are:

• Nigeria Tax Act (NTA), 2025

• Nigeria Tax Administration Act (NTAA), 2025

• Nigeria Revenue Service (Establishment) Act (NRSEA), 2025

• Joint Revenue Board (Establishment) Act (JRBEA), 2025

According to the statement:

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

• Corporate tax for large firms may be reduced from 30% to 25% at the President’s discretion.

• Top-up tax thresholds are ₦50 billion for local firms and €750 million for multinationals.

• A 5% annual tax credit has been introduced for eligible projects in priority sectors.

• Companies transacting in foreign currency may now pay taxes in naira at official exchange rates.

The implementation timeline for the NTA and NTAA will commence on 1 January 2026, while the NRSEA and JRBEA will take effect from 26 June 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 added.