Business

FG gazettes new tax reform laws

The gazette stated, “Small businesses with turnover under ₦100m and assets below ₦250m are exempted from corporate tax.

Published

10 months ago

September 10, 2025

OhiBaba

396 Views

• President Bola Tinubu

The Federal Government has published Nigeria’s new tax reform laws in the official gazette following President Bola Tinubu’s assent on June 26.

The announcement was contained in a statement signed by the Personal Assistant on Special Duties to the President, Kamorudeen Yusuf, on Wednesday.

A government gazette (also known as an official gazette, official journal, official newspaper, official monitor or official bulletin) is a periodical publication that has been authorised to publish public or legal notices.

The reforms introduce four legislations: the Nigeria Tax Act 2025, Nigeria Tax Administration Act 2025, Nigeria Revenue Service (Establishment) Act 2025, and the Joint Revenue Board (Establishment) Act 2025.

The gazette stated, “Small businesses with turnover under ₦100m and assets below ₦250m are exempted from corporate tax.

“Corporate tax rate for large firms may be cut from 30% to 25% at the President’s discretion.

“Top-up tax thresholds: ₦50bn (local firms) and €750m (multinationals).“5% annual tax credit was introduced for eligible priority-sector projects.

“Companies transacting in foreign currency may now pay taxes in naira at official exchange rates.”The Nigeria Tax Act and the Nigeria Tax Administration Act will take effect from January 1, 2026, while the Nigeria Revenue Service Act and the Joint Revenue Board Act became effective from June 26.

“These reforms aim to simplify Nigeria’s tax system, support small businesses, attract investment, and strengthen fiscal stability, aligning with President Tinubu’s Renewed Hope Agenda to diversify revenue away from oil,” said the statement.

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Naira Exchange Rates Thursday July 2, 2026

Published

2 hours ago

July 2, 2026

OCHEFA

9 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 395 Sell ₦1, 403

GREAT BRITISH POUND (GBP) Buy ₦1,845 Sell: ₦1,865

EURO (EUR) Buy ₦1, 585 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,372.41

GREAT BRITISH POUND (GBP) ₦1,821.73

EURO (EUR) ₦1,565.37

SWISS FRANC (CHF) ₦1,695.42

JAPANESE YEN (JPN) ₦8.45

CHINESE YUAN (CNY) ₦201.98

WEST AFRICAN CFA (XOF) ₦2.40

WEST AFRICAN UNITACCOUNT (WAUA) ₦1,870. 31

SAUDI RIYAL (SAR) ₦365.45

SOUTH AFRICAN RAND (ZAR) ₦83.80

Business

CBN revokes 46 MFBs’ licences

According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.

Published

17 hours ago

July 1, 2026

OCHEFA

22 Views

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs).

CBN’s Ag. Director of Communications, Mrs. Hakama Sidi-Ali disclosed that the revocation becomes effective today.

She emphasised that the revocation was in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

“The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. OlayemiCardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions,” she said.

Others were: failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.