Nigeria Publishes New Tax Reform Laws in Official Gazette

Nigeria’s long-awaited tax reform framework has been officially gazetted, cementing a new phase in the country’s fiscal restructuring. Signed into law on June 26, 2025, the reforms introduce far-reaching changes to taxation, administration, and revenue collection, setting a foundation for a more transparent and efficient system.

The new framework is anchored on four major legislations: the Nigeria Tax Act, the Nigeria Tax Administration Act, the Nigeria Revenue Service Act, and the Joint Revenue Board Act. Together, they are designed to ease compliance, boost investor confidence, and simplify Nigeria’s tax landscape.

According to Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, the laws will modernize tax administration and create a friendlier business environment. Small firms with annual turnover below N100 million and assets under N250 million are now exempt from corporate tax. Large companies could see corporate tax reduced from 30 to 25 percent, pending presidential approval, while top-up taxes will apply to firms with revenues above N50 billion locally or €750 million for multinational groups.

To spur growth, the reforms also provide a five percent annual tax credit for projects in priority sectors, while companies dealing in foreign currencies may now pay taxes in naira at the official exchange rate. Implementation will be phased: the Nigeria Tax Act and the Tax Administration Act take effect in January 2026, while the Revenue Service Act and Joint Revenue Board Act have been in force since June 26, 2025.

Analysts say the reforms are key to broadening Nigeria’s revenue base, reducing dependence on oil, and supporting inclusive economic growth.