Tinubu’s New Tax Laws: What Do They Mean for You and Nigeria?

Tinubu’s New Tax Laws: What Do They Mean for You and Nigeria?

By [Chidike Edmond Ojuyenum]

On June 26, 2025, President Bola Ahmed Tinubu signed four big tax reform bills into law. You might have heard about it on the news — but what does it really mean for you, your wallet, and the country?

President Tinubu called it “the way forward for our country’s prosperity.” But let’s bring it down from government speeches to everyday life.

So, What Are These New Tax Laws?

The new laws are:

Nigeria Tax Act (NTA), 2025 – Combines many old tax laws into one clear rulebook. Easier for businesses and citizens to know what to pay.

Nigeria Tax Administration Act (NTAA), 2025 – Sets a single, modern system for tax administration nationwide. Less confusion, fewer overlaps.

Nigeria Revenue Service Act (NRSA), 2025 – Replaces the old FIRS with a stronger, more independent Nigeria Revenue Service (NRS). They’ll be better equipped to collect taxes fairly and efficiently.

Joint Revenue Board Act (JRBA), 2025 – Creates a board to coordinate tax policies between federal, state, and local governments. Designed to end “multiple taxation” headaches.

Where to Find These Laws

You can access copies or analyses of these Acts from:

· The official Fiscal Reforms site (e.g. the draft Nigeria Tax Bill 2024 (HB. 1759))

· PwC’s guide: The Nigeria Tax Reform Acts – Top 20 Changes to Know and Top 6 Things to Do

· KPMG’s note on The Nigeria Tax Act (NTA), 2025

· Policy and Legislative Advocacy Centre (PLAC): Analysis of the Nigerian Tax Reform Bills

· Official government channels like statehouse.gov.ng

Why Did Tinubu Sign These Laws?

Ease of Doing Business: Businesses were drowning in multiple, overlapping taxes. These laws simplify things.
Boost Government Revenue: Nigeria can’t depend on oil forever. We need new ways to fund roads, schools, and hospitals.
Fairer System: Richer people and big companies, especially those in the digital economy, will pay more. Smaller businesses get some relief.

As President Tinubu said during the signing ceremony:

“We have changed the roads, we have opened the doors to a new economy and business opportunities. We have shown the world that Nigeria is ready and open for business.”

How Will This Affect You?

Here’s the honest truth:

Workers and Salaries:

Lower-income earners may pay less tax.
Higher earners will pay more.
Your employer might ask for your Tax Identification Number (TIN) more often.

Businesses (especially small ones):

Lower tax rates if you annual revenue is below ₦100million yearly.
Digital businesses (e.g. online stores, streaming services) will pay taxes, even if they’re foreign companies.
Filing tax returns might get simpler — but you have to stay compliant.

Ordinary Citizens:

Potential for better roads, power, and public services if taxes are used wisely.
Costs of some digital services might go up as businesses adjust to new taxes.
Everyone will deal more directly with tax authorities — for things like opening bank accounts, buying property, or registering a business.

The Big Picture

These reforms are huge. As PwC put it in their guide, they’re “the most significant overhaul of Nigeria’s tax system in decades.”

But success depends on two things:

People and businesses paying their fair share.
Government spending tax money transparently.

President Tinubu called this a “new lease of life” for Nigerians. Let’s hope it truly unlocks more jobs, better infrastructure, and a stronger economy.

Quick Tip: If you’re running a business or earning income online, talk to a tax advisor. It’s better to understand your obligations now than face fines later.

Nigeria is changing. Let’s keep up — and hold our leaders accountable so these changes bring real benefits.

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