The 2025 tax reforms, anchored by the new Nigeria Tax Act (NTA) and Nigeria Tax Administration Act (NTAA), represent one of Nigeria’s most pro-investment, pro-market, and modernising tax policy updates in decades. Far from undermining growth and competitiveness, the reforms simplify the tax landscape, align Nigeria with global best practices, reduce compliance burdens, and protect both businesses and individuals from outdated rules. More importantly, the reforms are fundamentally progressive, in line with Mr President’s promise to improve the standard of living of all Nigerians.

A careful review of the reforms shows that they make Nigeria more competitive, not less. They achieve this through significant improvements, including: consolidating multiple earmarked taxes into a streamlined Development Levy; maintaining strong incentives for Free Trade Zones; implementing the globally agreed 15% minimum tax on multinational enterprises; and modernising capital gains taxation to reflect today’s economic realities. Let us examine each in turn.

One of the most misunderstood elements of the reform is the 4% Development Levy. Some have incorrectly described it as “a new tax.” It is not. It replaces a chaotic regime of fragmented earmarked taxes, including the Tertiary Education Tax (3%), NITDA Levy (1% of PBT), NASENI Levy (0.25%), and the Police Trust Fund Levy. When aggregated, these distinct levies imposed an effective tax burden that could exceed 4% particularly for companies in the technology, telecommunications and financial sectors. Furthermore, small businesses with a turnover of 100 million and below and non-resident companies are now exempt from the Development Levy.

The consolidation of the plethora of levies into one offers investors predictability, a reduction in the cost of compliance, and a reduction in the cost of doing business. In the previous regime, the proliferation of agency-specific levies created uncertainty; investors feared that new, distinct taxes would inevitably fund new agencies. The Development Levy establishes a unified framework for funding education, defence, security, technology, and cybersecurity from a single pool, signalling to investors that the era of ad hoc earmark taxes is finally over. Investors value certainty and simplicity, and the Development Levy delivers both.

Another area that has generated anxiety is the treatment of Free Trade Zones. Critics suggest that the government watered down their incentives. Again, this is incorrect. A careful reading of Section 60 and the Second Schedule of the NTA reveals a policy designed to curb tax base erosion while sustaining incentives for genuine exporters. The NTA maintains the core tax-exempt status of Free Trade Zone entities but imposes critical conditions to ensure these zones serve their primary economic purpose: generating foreign-exchange earnings through exports.

What changed? The Nigeria Tax Act now sets a 25% threshold for domestic sales by FTZ companies. If an FTZ enterprise sells up to 25% of its output into the Nigerian market, it continues to enjoy exemptions for a three-year transition period (2026 to 2028).

Why is this necessary? FTZs are meant to attract exporters, manufacturers producing for global markets, logistics hubs, and high-value assembly plants. They are not meant to attract companies enjoying tax-free status while competing unfairly with Nigerian firms inside the domestic economy.

After 2028, the law provides that FTZ companies will be taxed on any domestic sales. Countries like the UAE, Malaysia, and Mauritius have similar structures. Nigeria is not doing anything unusual. The underlying message is clear: Nigeria’s FTZs remain competitive for exporters, manufacturing hubs, and global supply chain investors.

Another misconception in public commentary is around the new 15% minimum tax for large multinationals and large Nigerian businesses. The 15% minimum tax is the product of a landmark OECD/G20 agreement endorsed by over 140 countries, including the UK, France, Germany, the UAE, Canada, Japan, South Korea, South Africa, and Nigeria. It applies only to the world’s largest multinational groups, that is, those with a global turnover of €750 million or more.

Section 57 of the NTA, which domesticates the OECD/G20 agreement, is a defensive measure to protect Nigeria’s sovereign tax base, not an attack on capital. If Nigeria continues to offer effective tax rates below 15% to multinationals, their home countries (e.g., the UK, France, Germany, or South Africa) will collect the difference as a Top-Up Tax. By collecting this tax domestically, Nigeria retains revenue that would otherwise be ceded to foreign treasuries without increasing the global tax burden on the investor.

By extending the 15% Effective Tax Rate to large domestic companies (with a turnover of N50 billion or more), the NTA ensures horizontal equity. It prevents a scenario in which foreign multinationals are taxed at 15% (under global rules) while large domestic competitors utilise aggressive tax planning to pay significantly less. This creates a floor for tax competition, stabilising government revenue, which is essential for the infrastructure development that investors require.

The post Tax Reforms Strengthen Economic Competitiveness: What you need to know about Nigeria’s Tax Administration Act that goes into force in January 2026. appeared first on Business Today NG.

Today marks the 65th anniversary of our great nation’s Independence. As we reflect on the significance of this day and our journey of nationhood since October 1, 1960, when our founding fathers accepted the instruments of self-government from colonial rule, let us remember their sacrifice, devotion, and grand dream of a strong, prosperous, and united Nigeria that will lead Africa and be the beacon of light to the rest of the world.

2. Our founding heroes and heroines—Herbert Macaulay, Dr Nnamdi Azikiwe, Sir Abubakar Tafawa Balewa, Chief Obafemi Awolowo, Sir Ahmadu Bello, Margaret Ekpo, Anthony Enahoro, Ladoke Akintola, Michael Okpara, Aminu Kano, Funmilayo Ransome-Kuti, and other nationalists—believed it was Nigeria’s manifest destiny to lead the entire black race as the largest black nation on earth.

3. For decades, the promise of our Independence has been tested by profound social, economic, and political challenges, and we have survived.  While we may not have achieved all the lofty dreams of our forebearers, we have not strayed too far from them. In 65 years since our Independence, we have made tremendous progress in economic growth, social cohesion, and physical development. Our economy has experienced significant growth since 1960.

4. Although, it is much easier for those whose vocation is to focus solely on what ought to be, we must recognise and celebrate our significant progress. Nigerians today have access to better education and healthcare than in 1960. At Independence, Nigeria had 120 secondary schools with a student population of about 130,000. Available data indicate that, as of year 2024, there were more than 23,000 secondary schools in our country. At Independence, we had only the University of Ibadan and Yaba College of Technology as the two tertiary institutions in Nigeria. By the end of last year, there were 274 universities, 183 Polytechnics, and 236 Colleges of Education in Nigeria, comprising Federal, State, and private institutions. We have experienced a significant surge in growth across every sector of our national life since Independence – in healthcare, infrastructure, financial services, manufacturing, telecommunications, information technology, aviation and defence, among others.

5. Our country has experienced both the good and the bad times in its 65 years of nationhood, as is normal for every nation and its people. We fought a bitter and avoidable civil war, experienced military dictatorships, and lived through major political crises. In all these, we weathered every storm and overcame every challenge with courage, grit, and uncommon determination. While our system and ties that bind us are sometimes stretched by insidious forces opposed to our values and ways of life, we continue to strive to build a more perfect union where every Nigerian can find better accommodation and find purpose and fulfilment.
6. Fellow Compatriots, this is the third time I will address you on our independence anniversary since I assumed office as your President on May 29, 2023. In the last 28 months of my administration, like our founding fathers and leaders who came before me, I have committed myself irrevocably to the unfinished nation-building business.

7. Upon assuming office, our administration inherited a near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth. As a new administration, we faced a simple choice: continue business as usual and watch our nation drift, or embark on a courageous, fundamental reform path. We chose the path of reform. We chose the path of tomorrow over the comfort of today. Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit.

8. In resetting our country for sustainable growth, we ended the corrupt fuel subsidies and multiple foreign exchange rates that created massive incentives for a rentier economy, benefiting only a tiny minority. At the same time, the masses received little or nothing from our Commonwealth. Our administration has redirected the economy towards a more inclusive path, channelling money to fund education, healthcare, national security, agriculture, and critical economic infrastructure, such as roads, power, broadband, and social investment programmes. These initiatives will generally improve Nigerians’ quality of life. As a result of the tough decisions we made, the Federal and State governments, including Local Governments, now have more resources to take care of the people at the lower level of the ladder, to address our development challenges.

9. Fellow Nigerians, we are racing against time. We must build the roads we need, repair the ones that have become decrepit, and construct the schools our children will attend and the hospitals that will care for our people. We have to plan for the generations that will come after us. We do not have enough electricity to power our industries and homes today, or the resources to repair our deteriorating roads, build seaports, railroads, and international airports comparable to the best in the world, because we failed to make the necessary investments decades ago. Our administration is setting things right.
10. I am pleased to report that we have finally turned the corner. The worst is over, I say. Yesterday’s pains are giving way to relief. I salute your endurance, support, and understanding. I will continue to work for you and justify the confidence you reposed in me to steer the ship of our nation to a safe harbour.

11. Under our leadership, our economy is recovering fast, and the reforms we started over two years ago are delivering tangible results. The second quarter 2025 Gross Domestic Product grew by 4.23%—Nigeria’s fastest pace in four years—and outpaced the 3.4 per cent projected by the International Monetary Fund. Inflation declined to 20.12% in August 2025, the lowest level in three years. The administration is working diligently to boost agricultural production and ensure food security, reducing food costs.
12. In the last two years of our administration, we have achieved 12 remarkable economic milestones as a result of the implementation of our sound fiscal and monetary policies:

i. We have attained a record-breaking increase in non-oil revenue, achieving the 2025 target by August with over N20 trillion. In September 2025 alone, we raised N3.65 trillion, 411% higher than the amount raised in May 2023.
ii. We have restored Fiscal Health: Our debt service-to-revenue ratio has been significantly reduced from 97% to below 50%. We have paid down the infamous “Ways and Means” advances that threatened our economic stability and triggered inflation. Following the removal of the corruptpetroleum subsidy, we have freed up trillions of Naira for targeted investment in the real economy and social programmes for the most vulnerable, as well as all tiers of government.
iii. We have a stronger foreign Reserve position than three years ago. Our external reserves increased to $42.03 billion this September—the highest since 2019.

iv. Our tax-to-GDP ratio has risen to 13.5 per cent from less than 10 per cent. The ratio is expected to increase further when the new tax law takes effect in January. The tax law is not about increasing the burden on existing taxpayers but about expanding the base to build the Nigeria we deserve and providing tax relief to low-income earners.
v. We are now a Net Exporter: Nigeria has recorded a trade surplus for five consecutive quarters. We are now selling more to the world than we are buying, a fundamental shift that strengthens our currency and creates jobs at home. Nigeria’s trade surplus increased by 44.3% in Q2 2025 to ₦7.46 trillion ($4.74 billion), the largest in about three years. Goods manufactured in Nigeria and exported jumped by 173%. Non-oil exports, as a component of our export trade, now represent 48 per cent, compared to oil exports, which account for 52 per cent. This signals that we are diversifying our economy and foreign exchange sources outside oil and gas.

vi. Oil production rebounded to 1.68 million barrels per day from barely one million in May 2023. The increase occurred due to improved security, new investments, and better stakeholder management in the Niger Delta. Furthermore, the country has made notable advancements by refining PMS domestically for the first time in four decades. It has also established itself as the continent’s leading exporter of aviation fuel.
vii. The Naira has stabilised from the turbulence and volatility witnessed in 2023 and 2024. The gap between the official rate and the unofficial market has reduced substantially, following FX reforms and fresh capital and remittance inflows. The multiple exchange rates, which fostered corruption and arbitrage, are now part of history. Additionally, our currency rate against the dollar is no longer determined by fluctuations in crude oil prices.

viii. Under the social investment programme to support poor households and vulnerable Nigerians, N330 billion has been disbursed to eight million households, many of whom have received either one or two out of the three tranches of the N25,000 each.

ix. Coal mining recovered dramatically from a 22% decline in Q1 to 57.5% growth in Q2, becoming one of Nigeria’s fastest-growing sectors. The solid mineral sector is now pivotal in our economy, encouraging value-added production of minerals extracted from our soil.

x. The administration is expanding transport infrastructure across the country, covering rail, roads, airports, and seaports. Rail and water transport grew by over 40% and 27%, respectively. The 284-kilometre Kano-Kastina-Maradi Standard Gauge rail project and the Kaduna-Kano rail line are nearing completion. Work is progressing well on the legacy Lagos-Calabar Coastal Highway and Sokoto-BadagryHighway. The Federal Executive Council recently approved $3 billion to complete the Eastern Rail Project.

xi. The world is taking notice of our efforts. Sovereign credit rating agencies have upgraded their outlook for Nigeria, recognising our improved economic fundamentals. Our stock market is experiencing an unprecedented boom, rising from an all-share index of 55,000 points in May 2003 to 142,000 points as of September 26, 2025.

xii. At its last MPC meeting, the Central Bank slashed interest rates for the first time in five years, expressing confidence in our country’s macroeconomic stability.

SECURITY:

13. We are working diligently to enhance national security, ensuring our economy experiences improved growth and performance. The officers and men of our armed forces and other security agencies are working tirelessly and making significant sacrifices to keep us safe. They are winning the war against terrorism, banditry and other violent crimes. We see their victories in their blood and sweat to stamp out Boko Haram Terror in North-East, IPOB/ESN terror in South East and banditry and kidnapping. We must continue to celebrate their gallantry and salute their courage on behalf of a grateful nation. Peace has returned to hundreds of our liberated communities in North-West and North-East, and thousands of our people have returned safely to their homes.

YOUTH:

14. I have a message for our young people. You are the future and the greatest assets of this blessed country. You must continue to dream big, innovate, and conquer more territories in your various fields of science, technology, sports, and the art and creative sector. Our administration, through policies and funding, will continue to give you wings to fly sky-high.  We created NELFUND to support students with loans for their educational pursuits. Approximately 510,000 students across 36 states and the FCT have benefited from this initiative, covering 228 higher institutions. As of September 10, the total loan disbursed was N99.5 billion, while the upkeep allowance stood at N44.7 billion.

15. Credicorp, another initiative of our administration, has granted 153,000 Nigerians N30 billion affordable loans for vehicles, solar energy, home upgrades, digital devices, and more.

16. YouthCred, which I promised last June, is a reality, with tens of thousands of NYSC members now active beneficiaries of consumer credit for resettlement.

17. Under our Renewed Hope Agenda, we promised to build a Nigeria where every young person, regardless of background, has an equitable opportunity to access a better future—thus, the Investment in Digital and Creative Enterprises (iDICE) programme. The Bank of Industry is driving the programme,  in collaboration with the African Development Bank, the French Development Agency, and the Islamic Development Bank. This initiative is at the cusp of implementation. Over the last two years, we have collaborated with our partners to launch the programme, supporting our young builders and dreamers in the technology and creative sectors.

A MESSAGE OF HOPE

18. Fellow Nigerians, I have always candidly acknowledged that these reforms have come with some temporary pains. The biting effects of inflation and the rising cost of living remain a significant concern to our government. However, the alternative of allowing our country to descend into economic chaos or bankruptcy was not an option. Our macro-economic progress has proven that our sacrifices have not been in vain. Together, we are laying a new foundation cast in concrete, not on quicksand.

19. The accurate measure of our success will not be limited to economic statistics alone, but rather in the food on our families’ tables, the quality of education our children receive, the electricity in our homes, and the security in our communities. Let me assure you of our administration’s determination to ensure that the resources we have saved and the stability we have built are channelled into these critical areas. Today,  the governors at the state level, and the local government autonomy are yielding more developments.

20. Therefore, on this 65th Anniversary of Our Independence, my message is hope and a call to action. The federal government will continue to do its part to fix the plumbing in our economy. Now, we must all turn on the taps of productivity, innovation, and enterprise, just like the Ministry of Interior has done with our travel passports, by quickening the processing. In this regard, I urge the sub-national entities to join us in nation-building.  Let us be a nation of producers, not just consumers. Let us farm our land and build factories to process our produce. Let us patronise ‘Made-in-Nigeria’ goods. I say Nigeria first. Let us pay our taxes.

21. Finally, let all hands be on deck. Let us believe, once more, in the boundless potential of our great nation.

22. With Almighty God on our side, I can assure you that the dawn of a new, prosperous, self-reliant Nigeria is here.

23. Happy 65th Independence Anniversary, and may God continue to bless the Federal Republic of Nigeria.
Amen.

Bola Ahmed Tinubu, GCFR
President and Commander-In-Chief of the Armed Forces of the Federal Republic of Nigeria,
Presidential Villa,

Abuja.

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Speaking during a graduation ceremony coordinated by the Lagos State Technical and Vocational Education Board (LASTVEB), held at De-Blue Roof, Agidingbi, Ikeja, Lagos State Governor, Mr. Babajide Sanwo-Olu, reiterated his administration’s commitment to more collaboration with captains of industries, private sectors and artisans to create employment opportunities for students who acquired skills from LASTVEB.

Governor Sanwo-Olu urged the graduates to look beyond the present challenges and strive for excellence using the skills garnered to compete favourably with their global counterparts in various vocational skills.

He said, “Today, we celebrate not just the academic and technical achievements of over 2,000 graduates but also the remarkable potential they represent for the future of Lagos State and Nigeria.

“The significance of technical and vocational education cannot be overstated. Institutions like LASTVEB equip young people with practical, industry-relevant skills that meet the demands of an evolving economy. Across trades such as engineering, construction, ICT, business, and the creative arts, our graduates have acquired the tools not just to participate in the workforce but to transform it through innovation and dedication.

“This achievement aligns perfectly with our administration’s commitment under the Education and Technology pillar of the T.H.E.M.E.S+ agenda. By investing in the skills and capabilities of our youth, we are building the foundation for a prosperous, inclusive, and self-reliant society.

“Beyond these individual accomplishments, technical and vocational education drives community development, reduces unemployment, and ensures our graduates are competitive globally. For instance, technical education has been shown to increase graduation rates, improve employability, and foster entrepreneurship. Many of our graduates today will step into the world as job creators, while others will fill critical roles in high-demand industries, bolstering Lagos State’s economic standing both nationally and internationally.

“This event also underscores the importance of collaboration between government, industries, and educational institutions. Through our partnerships, we have been able to ensure that the curriculum remains aligned with current industry standards and that our students receive hands-on, experiential learning.”

Governor Sanwo-Olu, while congratulating the graduating students, urged them to use their skills for societal transformation.

He said, “As you step into the next phase of your lives, remember that your skills are powerful tools—not only for personal success but for societal transformation.

“I congratulate all our graduates and thank the management and staff of LASTVEB, parents, and stakeholders for their tireless contributions to this achievement. Together, we are shaping a future where technical education is celebrated and valued as a cornerstone of sustainable development.”

Speaking earlier, Lagos State Commissioner for Basic and Secondary Education, Mr. Tolani Alli-Balogun, urged the graduating students to think deeply, aim higher and strive for excellence in their career path and help in stimulating the economic growth of the country, noting that no nation develops without an adequate and robust technical education for advancement of skills, knowledge development.

“I know that turning your dreams into reality is not always easy. It requires hard work, dedication, and perseverance. It demands that you be focused, disciplined, and committed to your goals. It necessitates that you be willing to take risks, to face your fears and overcome them, and to push beyond your comfort zones.

“Our ever-dedicated, amiable Governor, Mr. Babajide Olusola Sanwo-Olu, has created leverage through the Ministry of Women Affairs and Poverty Alleviation and Ministry of Wealth Creation to further empower you to greater heights in your career path. So that you can fit into the labour market, be self-employed, and eventually become employers of labour,” the commissioner said.

Also speaking, the Executive Secretary of Lagos State Technical and Vocational Education Board (LASTVEB), Ms. Moronke Azeez, noted that Sanwo-olu’s administration is tackling unemployment challenges through different initiatives, producing skilled technicians for technical development to create more employment for youths and make them self-reliant.

Speaking on behalf of the graduands, Miss Daniella Okpako, thanked Lagos State Government for its unwavering commitment in advancing technical education in the State and advocated scholarship for deserving students to further their education and build on the skills acquired.

During the event, David Uchendu, who majored in Mechanical Engineering Craft Practice from Government Technical College, Ikotun, emerged as Best Overall, while Daniel Salami from Government Technical College, Agidingbi, who studied Instrument Mechanic Works emerged as Best in Innovation.

Ifeoma Abalogun, from Government Technical College, Epe, who majored in Painting and Decoration, and Daniel Okpako, who studied Blocklaying, Bricklaying and Concreting from Government Technical College, Ikotun, were also honoured as Best Female in Construction.

Benedict Wisdom (Electrical Installation and Maintenance Works), Oluwapelumi Adedeji (Garment Making), Babatunde Boyejo (Electrical Installation and Maintenance Works), Moyosore Odofin (Instrument Mechanic Works), and Grace Arebisola (Garment Making) were also recognised as Best Students from the five Government Technical Colleges in Ado-Soba, Agidingbi, Epe, Ikorodu and Ikotun respectively.

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Dr Olomojobi, until her new appointment, is the Permanent Secretary, Ministry of Education. She takes over from Engr. Sunday Komolafe, who is billed to retire from the State Civil Service on July 1, 2024, upon attaining the mandatory 35 years in the service.

Dr Olomojobi’s appointment as Head of Service takes effect from Tuesday, July 2, 2024.

Meanwhile, Governor Oyebanji has commended Engr. Sunday Komolafe, the outgoing Head of Service for his meritorious service to the state, especially his demonstrated resourcefulness, professionalism and administrative acumen which have greatly helped in repositioning the State Civil Service for optimal service delivery. The Governor wishes Komolafe success in his future endeavour.

Dr Olomojobi, the new Head of Service, holds a Bachelor’s degree in Dental Surgery from the Obafemi Awolowo University, Ile-Ife, (1994). She also holds a Masters’ degree in Public Health form the University of Lagos, Akoka (2000); and a Master in Business Administration (MBA) from the University of Ado-Ekiti (now Ekiti State University, Ado-Ekiti) in 2005.

She has received several trainings in health management from renowned institutions including the Royal Institute of Public Health Administration, Rocester, London (2005); Harvard University School of Public Health/ WBI, Washington DC, USA; World Bank Institute, Wahington DC, USA.  She also holds a Master of Science degree in Health Economics, Policy and Management from the London School of Economics and Political Science, United kingdom. (2017).

Dr Olomojobi started her career with the Ekiti State Civil Service as Assistant Director, Primary Health Care and Disease Control in May 2001. She served in different capacities in the State’s Ministry of Health before her elevation to the position of a Permanent Secretary in 2013.

Prior to her new appointment as Head of Service, Dr Olomojobi had served as Permanent Secretary in several ministries including: Ministry of Health (2013-2016); Hospital Management Board (2016-2018); Ministry of Health and Human Services (2018-2021); and Ministry of Education (2021 till date).

Born on September 20, 1971, Dr Olomojobi, who hails from Otun -Ekiti in Moba Local Government Area,  is a recipient of the National Productivity Centre’s Award of Excellence in Leadership and Productivity. She is a member of the Nigeria Medical Association (NMA) and Pioneer President, Ekiti State Medical Women Association of Nigeria (NWAN).

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