In Nigeria, Tinubu’s bold tax reforms mark a win for entrepreneurs and economic fairness.

In Nigeria, Tinubu’s bold tax reforms mark a win for entrepreneurs and economic fairness.

The Nigerian World.

The news as it trends.

On June 26, 2025, President Bola Tinubu signed four landmark tax reform bills into law: the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.

These changes are set to take effect on January 1, 2026, allowing time for implementation and public awareness campaigns.

The sweeping reforms are being praised as a major win for entrepreneurs, low-income earners, and Nigeria’s broader economic vision.

The goal is simple yet ambitious: to simplify the tax system, eliminate duplication, and make compliance easier for individuals and businesses—especially small ones.

Now, Nigerians earning ₦800,000 or less annually are exempt from personal income tax, while businesses making under ₦50 million in turnover won’t pay company income tax.

This is expected to put more money in the hands of everyday citizens, fuel job creation, and ease pressure on microenterprises.

As part of his administration’s reform agenda, it’s also worth noting that in 2023, Tinubu signed the Electricity Act, which granted states autonomy over their own power generation breaking decades of federal monopoly.

Together, these two reforms – electricity and tax – signal a shift toward decentralization, economic freedom, and a more investor-friendly Nigeria.

Replacing the outdated Federal Inland Revenue Service, the new Nigeria Revenue Service has a broader, streamlined mandate aimed at boosting transparency, reducing corruption, and accelerating economic growth.

According to some small business experts interviewed for this report, these reforms go beyond routine policy updates – they represent a bold shift signaling that Nigeria is modernizing its financial system to create a more inclusive economic future.