On May 29, 2025, Nigeria’s National Assembly finalized four significant tax reform bills, now poised for President Bola Ahmed Tinubu’s signature. These bills aim to modernize the nation’s tax system, enhance revenue collection, and streamline fiscal operations.
The legislation includes the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service Establishment Bill, and Joint Revenue Board Establishment Bill. A joint conference committee resolved 103 differences between the Senate and House versions, ensuring a unified approach.
Key provisions involve a 4% development levy on the assessable profits of companies (excluding small and non-resident firms), with allocations to various national funds such as the Tertiary Education Trust Fund and the Education Loan Fund. Additionally, a 5% surcharge on fossil fuel products produced or provided in Nigeria has been introduced.
Deputy Speaker Benjamin Kalu emphasized that these reforms position Nigeria for economic growth. The bills now await President Tinubu’s assent to become law.
