The Lead Story
Nigeria’s sweeping tax overhaul is not slowing down. In a year-end statement, President Bola Ahmed Tinubu confirmed the full suite of new tax statutes will kick in on 1 January 2026, calling the package a “once-in-a-generation” fiscal reset that will build “a fair, competitive and robust” system. The State House says the reforms are meant to harmonise rules, not raise rates.
The Details
• The laws come in two waves: measures that began 26 June 2025 and the balance slated for 1 January 2026.
• Opposition lawmakers claim the gazetted text smuggles in clauses that let tax officials seize assets without a court order and demand up-front deposits before disputes are heard, Reuters reports.
• Tinubu dismissed talk of a pause. “No substantial issue has been established that warrants a disruption,” he said.
• He promised to work with the National Assembly to iron out any snags but insisted the implementation phase is “firmly in the delivery stage.”
Why It Matters
Fresh rules will shape how every naira of VAT, corporate income and other levies is charged, collected and contested. Businesses must brace for new compliance workflows, broader enforcement powers and a tighter audit clock. For households, the message is simple: expect change, not higher headline rates for now.
Around the Tax World
• Asset Seizure Fears: Opposition parties warn that the new text hands tax officers power to grab property without a judge. Critics call it “taxation by force.”
• Deposit-Before-Appeal: Companies may need to lodge cash before challenging an assessment, a clause industry groups say could choke cash flow.
• Due-Process Pledge: Tinubu says any glitches will be fixed “swiftly,” stressing that trust is built by sticking to the law, not “reactive measures.”
By the Numbers
Tax Stat of the Day: 2026 - the year Nigeria’s next-generation tax codes land in full.
Looking Ahead
All eyes are on the calendar. All eyes are on 1 January. When the clock strikes, the rules change.