Gazette Drop: Tax Overhaul Goes Official , Pump Levy Paused
The Big Picture: After months of drafting and debate, Nigeria’s four-piece tax reform package has finally hit the Federal Government Gazette, giving the sweeping laws full legal force. But before motorists panic, officials say the headline-grabbing 5 percent fuel surcharge is not coming to a pump near you, at least not yet.
The Details: The Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service (Establishment) Act and Joint Revenue Board Act were all published on 9 September, Premium Times Nigeria reports. According to TVC News, the reforms kick in on 1 January 2026 and come with some headline perks:
- Free pass for small biz: Companies turning over less than ₦100 million and holding fixed assets below ₦250 million will pay zero corporate tax.
- Potential rate cut for the big boys: The corporate tax rate could slide from 30 percent to 25 percent by presidential order.
- 5 percent annual tax credit for investments in priority sectors.
- Top-up-tax safe harbour: Local firms under ₦50 billion and multinationals under €750 million stay outside the global minimum-tax net.
While the Gazette also re-prints the long-dormant 5 percent fuel surcharge, Finance Minister Wale Edun told Punch that the levy “isn’t a fresh tax and has no commencement order on the horizon.” The surcharge, first mooted in 2007 to fund road repairs, was included purely “for harmonisation and transparency,” he added.
Why It Matters / What They’re Saying: Presidential tax-reform chair Taiwo Oyedele insisted on Businessday NG that the laws aim to “make things easier for the Nigerian people,” pointing to a personal-income-tax exemption for anyone earning below ₦800,000 a year and 30-day VAT refund guarantees. But tax pros note the clock is already ticking toward 2026 compliance deadlines,which means new systems, new IDs and, perhaps, new headaches.
Around the Tax World
• Crime-fighting tax duo: The FIRS and EFCC have inked a tougher cooperation pact to chase evaders and plug leakages, Daily Trust notes.
• E-invoices go nationwide: Fintech firm eTranzact bagged FIRS certification to roll out structured e-invoicing across B2B, B2C and B2G trades, promising cleaner VAT trails ( Businessday NG ).
• Macro mood check: Despite rising non-oil receipts, Nigeria’s public finances remain “vulnerable” without deeper fiscal tweaks, warns a new note from Capital Economics.
Tax Stat of the Day
₦100 million, the turnover threshold that now spares small companies from corporate income tax.
Looking Ahead
With the Gazette out, regulators have just 16 months to draft detailed rules, design a new Tax ID system and train auditors before D-Day on 1 January 2026. All eyes are on the National Economic Council’s advice to the President on that potential corporate-tax rate cut.