Nigeria's New Tax Reform Laws Overhaul Fiscal Framework

Nigeria's new tax reform laws have been officially published in the government gazette, marking a significant step in revamping the country's fiscal framework. The reform, signed into law on June 26, 2025, aims to modernize the tax system, improve compliance, and create a conducive environment for businesses.

Key provisions include high exemption thresholds for small businesses and a reduction in corporate tax rates. The law also introduces tax credits for eligible projects in priority sectors and allows businesses engaged in foreign currency transactions to pay taxes in Naira.

These reforms are designed to enhance revenue collection, encourage investment, and streamline the taxation process in Africa's largest economy.