The Federal Government has assured Nigerians that the implementation of the new tax laws will be strictly monitored to ensure transparency, fairness, and equity.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, gave the assurance at the signing ceremony of the Presumptive Tax Framework with the National Tax Policy Implementation Committee (NTPIC).
Tax authorities are adopting the presumptive tax approach, a system that estimates the income of informal businesses based on observable indicators such as trade type, location, and scale of operations, rather than relying on audited accounts. The regulations allow authorities to estimate tax liabilities for small businesses and players in the informal sector where formal records are unavailable.
Edun explained that the signing of the presumptive tax regulations signals the transition to structured implementation of the new tax laws. He added that the framework is aimed at formalising small businesses to help them thrive rather than undermine their growth.
He stressed that the presumptive tax system will be fair and transparent, and will exempt nano and small businesses in a bid to support their development and expansion. He clarified that the government is not seeking to increase taxes but to expand the tax net.
“Our role is to ensure coordination of taxes, not fragmentation,” he said, adding that the signing ceremony with the NTPIC reinforces the government’s resolve to ensure economic stability.
According to him, “With the signing of these regulations, we are transitioning from legislation to structured implementation of the tax reforms, the Tax Acts that were passed into law in 2025, with some taking effect in 2025 and others in January 2026.”
He said the key message of the reforms is transparency, fairness, clarity, equity, and economic inclusion for all Nigerians.
“Looking at the purpose of the regulation, it is expedient to note that these regulations will provide a simple and transparent means for the application of the presumptive tax,” he said.
In his remarks, the Executive Secretary of the Joint Revenue Board (JRB), Mr. Olusegun Adesokan, said the 36 states are aligned with the new tax regulations.
According to him, “We are moving from intention to implementation.”
He stated that history is being made, as this marks the first time the presumptive tax approach is being fully operationalised, describing it as a demonstration of taxing prosperity rather than poverty.
Adesokan further noted that, aside from the application of technology in tax collection, the new system makes the mounting of roadblocks for the collection of any form of tax illegal.
He added that the subnationals are pleased with the regulations.
