The announcement was contained in a statement signed on Wednesday by Kamorudeen Yusuf, Personal Assistant on Special Duties to President Bola Tinubu.
According to the statement, the reforms—signed into law by President Tinubu on June 26, 2025—introduce a new structure for taxation, administration, and revenue collection. The four key 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
Aimed at easing compliance and stimulating economic growth, the reforms provide significant reliefs for small businesses. Companies with an annual turnover below ₦100 million and assets valued under ₦250 million are exempted from corporate tax.
For larger corporations, the reforms introduce flexible rates, including a potential cut in corporate tax from 30% to 25%, subject to presidential discretion. The new laws also set top-up tax thresholds at ₦50 billion for local firms and €750 million for multinationals.
Other provisions include a 5% annual tax credit for eligible priority-sector projects and a new rule allowing companies transacting in foreign currencies to pay their taxes in naira at official exchange rates.
The implementation timeline varies: the NTA and NTAA take effect from January 1, 2026, while the NRSEA and JRBEA become operational immediately from June 26, 2025.
“These reforms are designed to simplify Nigeria’s tax system, support small businesses, attract foreign investment, and strengthen fiscal stability. They align with President Tinubu’s Renewed Hope Agenda to diversify Nigeria’s revenue base away from oil,” Yusuf stated.
