The Lead Story
Tinubu’s Mega Tax Shake-Up Takes Effect, Myths Debunked
The Big Picture: Nigeria just launched its boldest tax overhaul in decades. four new laws , signed last June by President Bola Tinubu,kicked in on 1 January 2026. They fold more than 70 levies into one progressive code, hand the re-branded Nigeria Revenue Service (NRS) the steering wheel, and promise to lift non-oil revenue to 40 % of GDP by 2030, Punch reports.
The Details:
* The Nigeria Tax Act and its three sister statutes scrap overlaps like the Tertiary Education Tax, roll them into a 4 % Development Levy, and add a first-ever duty on digital assets.
* Filing moves online through a single NRS portal. Penalties stay, but the agency says it will “educate before it enforces.”
* Social media rumors, from “all bank transfers are taxed” to “accounts will be seized”, are false. Only transfers above ₦50,000 tied to taxable income attract scrutiny.
Why It Matters: Nigeria still leans on oil for 70 % of income. Tinubu’s team wants a Norway-style model where taxes, not crude, fund schools and roads. “Without a broader base, we stay exposed,” the Finance Ministry warns.
Yet timing is tricky. The think tank Centre for the Promotion of Private Enterprise (CPPE) argues the rollout lands in a “delicate pre-election year” that could breed pushback if the state moves too fast, Daily Post notes.
Around the Tax World
- Certified copies drop: Businesses can now download the 700-page rulebook from the Finance Ministry’s site, Premium Times writes. No more guesswork, read the fine print.
- CPPE red flag: The group warns poor sequencing could “erode public trust.” Translation: get the roll-out wrong, lose the people.
- Bank jitters: Some Nigerians are pulling cash after viral claims of blanket transfer taxes. NRS says the rumor ends here, compliance, not confiscation, is the goal.
By the Numbers
Tax Stat of the Day: 70+, that’s how many separate taxes Nigeria just collapsed into one code.
Looking Ahead
All eyes are on the NRS portal. All eyes are on the first filing deadline in March.