From Victor Osula, Abuja
The chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has announced the publication of Nigeria’s new tax reform laws in the official gazette.
“Nigeria’s tax reform laws have been published in the official gazette”, Oyedele said on Monday in a post on X.
President Bola Tinubu had, on June 26, signed into law the four groundbreaking tax reform bills. They were passed by the National Assembly after extensive consultations with various interest groups and stakeholders.
Expected to transform Nigeria’s fiscal and revenue framework, the laws are the Nigeria Tax Act, 2025 (NTA); the Nigeria Tax Administration Act, 2025 (NTAA); the Nigeria Revenue Service (Establishment) Act, 2025 (NRSEA); and the Joint Revenue Board (Establishment) Act, 2025 (JRBEA).
The Nigeria Tax Act (Ease of Doing Business) consolidates Nigeria’s fragmented tax laws into a harmonised statute. By reducing the multiplicity of taxes and eliminating duplication, the Act will enhance the ease of doing business, reduce taxpayer compliance burdens, and create a more predictable fiscal environment.
The second, the Nigeria Tax Administration Act, establishes a uniform legal and operational framework for tax administration across federal, state, and local governments.
The Nigeria Revenue Service (Establishment) Act repealed the current Federal Inland Revenue Service Act and created a more autonomous and performance-driven national revenue agency— the Nigeria Revenue Service (NRS). It defines the NRS’s expanded mandate, including non-tax revenue collection, and lays out transparency, accountability, and efficiency mechanisms.
The Joint Revenue Board (Establishment) Act provides for a formal governance structure to facilitate cooperation between revenue authorities at all levels of government. It introduces essential oversight mechanisms, including establishing a Tax Appeal Tribunal and an Office of the Tax Ombudsman.
With implementation set to begin on January 1, 2026, Oyedele, who highlighted key provisions of the four tax laws, said the reforms introduce a zero percent tax rate for small companies — defined as businesses with annual turnover not exceeding N100 million and fixed assets below N250 million.
He added that the corporate tax rate for large companies will be reduced from 30 percent to 25 percent, with the commencement date to be set by the president on the advice of the National Economic Council (NEC).
The key provisions also include “High threshold for top-up tax – Exemption threshold of N50b revenue for local firms and €750m equivalents for multinationals.
“Economic development incentive – Tax credit at the rate of 5% per annum for eligible priority sector investments.”
Oyedele said taxpayers will have the option of paying taxes on foreign currency transactions in naira, using the prevailing exchange rate in the official foreign exchange (FX) market.
“The NTA and NTAA will commence on 1st January 2026, while the NRSEA and JRBEA have a commencement date of 26 June 2025 to ensure readiness of the relevant institutions ahead of full implementation in 2026”, he said.
