On June 26, 2025, Nigeria passed its biggest tax reform since VAT was introduced in 1993. The new laws include the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service Act, and Joint Revenue Board Act. These laws aim to simplify taxation, increase government revenue, and reduce the country’s dependence on oil.
While these reforms have been celebrated as a major step forward, the real impact of the changes may not match the promises made. As Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, pointed out, there is a sense of satisfaction and optimism about the reforms, but they are still in their early stages.
He likened the current progress to someone putting up the foundation of a house while still being homeless. “We’re not under any illusion that the house is ready. If you’re homeless and you manage to put up a foundation, you are still homeless. But you’ve made very important progress. And therefore, just building on that, here’s the next phase, and we’re excited to embark on this journey together,” he added.
