Nigeria’s new tax reform laws officially published in gazette

Nigeria’s long-awaited tax reform laws have been officially published in the government gazette.

Signed into law on June 26, 2025, the reforms establish a new foundation for taxation, administration, and revenue collection in Africa’s largest economy. The four legislations are:

1.Nigeria Tax Act (NTA), 2025

2.Nigeria Tax Administration Act (NTAA), 2025

3.Nigeria Revenue Service (Establishment) Act (NRSEA), 2025

4.Joint Revenue Board (Establishment) Act (JRBEA), 2025

Confirming the publication on his official X handle, Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, said the laws will modernize Nigeria’s tax system, improve compliance, and create a more business-friendly environment.

1.Small businesses with annual turnover below N100 million and assets under N250 million are fully exempted from corporate tax.

2.Corporate tax for large firms could be reduced from 30% to 25%, subject to a presidential order on the advice of the National Economic Council.

3.A top-up tax threshold is set at N50 billion in revenue for local firms and €750 million for multinationals.

4.Eligible projects in priority sectors will receive a 5% annual tax credit.

Businesses in foreign currency transactions may now pay taxes in Naira at the prevailing official exchange rate to ease forex pressure and promote domestic currency use.

The NTA and NTAA take effect on January 1, 2026. The NRSEA and JRBEA became effective immediately on June 26, 2025.

Oyedele explained that the phased commencement ensures tax and revenue institutions are fully prepared ahead of the 2026 rollout.

The reforms aim to simplify Nigeria’s tax structure, support small businesses, attract investment in critical sectors, and boost government revenues, all while reducing overdependence on oil.

Last week, the committee clarified concerns over a proposed 5% fuel surcharge. Oyedele stressed that household kerosene, cooking gas (LPG), compressed natural gas (CNG), and clean or renewable energy products are exempt, ensuring the levy does not worsen the cost-of-living burden on Nigerians.

SOURCE ; NEW-MUSK BLOG.

Follow for more updated trending gist. and don't forget to follow all our social media pages.

Comments

Nigerian man seeks a beautiful wife, says it's 'very urgent'

A Nigerian man, Egwunye Fidelis Goodluck, took to a singles Facebook group to seek a beautiful wife. He asked the Admin to treat his request as a matter of urgency. “Please admin. I need a beautiful wife from this group, very urgent,” he wrote on Tuesday, January 27, 2026. READ MORE: 9 soldiers k!lled, several missing in Borno ambush SOURCE ; NEW-MUSK BLOG. Follow for more updated trending gist. and don't forget to follow all our social media pages

FUOYE Cut-Off Marks for 2025/2026 Admission Exercise

The FUOYE Cut-Off Marks for the 2025/2026 academic session have been released. Federal University Oye-Ekiti (FUOYE) has published the minimum UTME scores required for each program, and only candidates who meet these marks will be eligible to participate in the post-UTME screening. FUOYE Cut-Off Marks Are Out The long wait is over. FUOYE has set the official benchmark for the 2025/2026 admission exercise. If you sat for the UTME, your next step now depends on whether your score meets the minimum cut-off for your chosen course. Miss it, and you’ll need to look at other programmes with lower requirements. Hit it, and you are already halfway into the screening stage. Faculty of Agriculture Agricultural Economics and Extension (AgriBiz 50) – 160 Animal Production and Health – 160 Crop Science and Horticulture – 160 Fisheries and Aquaculture – 160 Food Science and Technology – 180 Hospitality and Tourism Management – 160 Soil Science and Land Resource Management – 160 Water Resources M...

NAFDAC says ban on sachet alcohol is to protect children

The National Agency for Food and Drug Administration and Control (NAFDAC) says its enforcement of the ban on alcoholic beverages in sachets and small plastic or glass bottles is aimed at protecting children and young people and not punishing manufacturers. In a statement on Thursday, January 29, NAFDAC director-general, Mojisola Adeyeye, said the policy was driven by public health concerns and growing evidence that alcohol packaged in sachets and containers below 200 milliliters has increased underage drinking across the country. The agency recently began enforcement of the ban following a directive by the senate, with the backing of the ministry of health and social welfare. According to Adeyeye, the small and cheap packaging of high-alcohol-content drinks makes them “easily accessible, affordable and concealable”, leading to widespread misuse among minors and some commercial drivers. “This ban is not punitive; it is protective. It is ai...

Welcome to NEW_MUSK BLOG

Search This Blog