27/06/2025
On behalf of the National Agenda for Tinubu 2027 in Kogi State, I extend my heartfelt congratulations to His Excellency, President Bola Ahmed Tinubu, GCFR, for signing into law the much-anticipated Tax Reform Bills — a bold and progressive step that reflects this administration’s commitment to building a fairer and more prosperous Nigeria.
The signing of these reform bills marks a significant turning point in our nation’s economic history. It clearly demonstrates President Tinubu’s people-first approach to governance by easing the tax burden on low-income earners, small businesses, and the vulnerable, while promoting fiscal responsibility and transparency across government revenue channels.
Under the new law, the Federal Inland Revenue Service (FIRS) has been transformed into the Nigeria Revenue Service (NRS) — a centralized and empowered body now tasked with collecting revenues previously handled by multiple agencies such as the Nigeria Customs Service, NUPRC, NPA, and NIMASA. This will lead to a more streamlined and efficient revenue system for the country.
Equally commendable is the provision that workers earning ₦800,000 and below annually are now tax-exempt, ensuring that millions of hardworking Nigerians are protected from undue financial pressure. Moreover, the law ensures that only individuals earning above ₦50 million annually will be taxed at the highest personal income rate of 25%, reinforcing fairness and justice in our tax architecture.
Small business owners are now completely exempted from income tax, a move that will boost entrepreneurship and expand the informal economy into productivity. Furthermore, starting from 2026, the company income tax for medium and large businesses will reduce from 30% to 25%, positioning Nigeria as a more competitive destination for investment and job creation.
The President also wisely maintained the 7.5% VAT rate and retained the corporate income tax ceiling at 30%, avoiding any increase that might destabilize consumer prices. Most importantly, VAT exemptions have been granted to essential goods and services including food, medical care, education, electricity, and pharmaceuticals — offering direct relief to the poorest in our society.
The introduction of a modest Development Levy (2–4%) to support critical agencies such as NELFUND, TETFund, NITDA, and NASENI is a forward-thinking strategy to strengthen innovation, education, and national technological development.
President Tinubu has once again demonstrated that transformational leadership is about protecting the people, empowering businesses, and laying strong foundations for long-term economic recovery. This tax reform not only restores fiscal order but renews public trust in governance.
As the Kogi State Coordinator of the National Agenda for Tinubu 2027, I stand firmly with this reform and urge all citizens, especially our people in Kogi, to embrace this direction with optimism. With this law, the Renewed Hope Agenda is no longer a promise — it is now a policy reality.
Congratulations, Mr. President. Nigeria is on the path to greatness.
Signed:
Hon. Mark Okpanachi Ogah
Kogi State Coordinator, National Agenda for Tinubu 2027.
