Continental High-Five for Nigeria’s Tax Overhaul
The Big Picture: Nigeria’s sweeping tax reforms just got a standing ovation from the African Tax Administration Forum (ATAF). During a courtesy call in Abuja, ATAF’s freshly minted Executive Secretary Mary Baine told FIRS boss Zacch Adedeji the package of new laws is “vital for economic growth,” Premium Times reports.
The Details:
• Baine praised FIRS’ focus on “people, technology and data,” promising ATAF’s technical muscle to help Nigeria replicate Zambia-style revenue gains from mining, according to Daily Trust.
• Adedeji welcomed the backup, noting that Nigeria’s new code ditches colonial-era relics like the 1939 Stamp Duties Act. “Salvation cannot come from the Western world,” he quipped.
• ATAF also plans to leverage Nigeria’s regional clout to rally other countries behind modernised, home-grown fiscal rules, The Nation adds.
Why It Matters: The reaction was swift. Tax professionals say ATAF’s endorsement gives the reforms continental legitimacy and could unlock extra expertise just as Nigeria targets an 18% tax-to-GDP ratio by 2027. For businesses, the message is clear: the new regime is here to stay, and it’s getting backup.
AROUND THE TAX WORLD
• Crypto Clamp-Down: The Nigeria Tax Administration Act, 2025 slaps defaulting exchanges with ₦10 million fines and potential licence loss, a move Techloy warns could mean higher customer fees (Techloy).
• Zero-VAT Basket Widens: Food, education, shared transport and agriculture are officially VAT-free come January, FIRS confirmed in an interview with AgroNigeria.
• “Income Is Income”: Even sex work earnings will be taxed under the revamped framework, committee chair Taiwo Oyedele told TVC News, underscoring the push to broaden the net.
• 70% FAAC Funded by Taxes: Improved collections now supply nearly two-thirds of monthly federal allocations, according to Adedeji’s scorecard interview with The Guardian.
BY THE NUMBERS
Prime Number: ₦2 trillion , the record allocation shared in August 2025, with taxes providing the bulk, The Guardian notes.
LOOKING AHEAD
All eyes now turn to 1 January 2026, when the crypto rules and VAT exemptions officially kick in. For a comprehensive overview of these sweeping changes, check out our Introduction To Nigerian Tax Laws to better understand the evolving tax landscape. Expect fresh FIRS guidelines and ATAF’s technical teams to start work long before the ball drops.
Prepared by MyTax - mytax.com.ng