Finance Minister Signs Presumptive Tax Regulations to boost economic inclusion<\/p>\n
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has signed the Presumptive Tax Regulations framework, marking a significant milestone in Nigeria\u2019s tax reform journey.<\/p>\n
In a statement by the Ministry’s Asst Director of Information and Public Relations, Amadi Uloma, the Minister described the framework as simple, clear, and fair, with a focus on economic inclusion.<\/p>\n
He noted that the reforms aim to protect small businesses and broaden the tax base without raising rates and explained that the presumptive tax regime will not only protect small businesses but also help them grow, thus, improving the efficiency and fairness of the country’s tax system<\/p>\n
With the signing of these regulations, he said, “we are transitioning from regular to structured implementation of the tax reforms” adding that the regulations provide a simple, increased transparent, fairness, clarity, economic inclusion, consistency and prevention of arbitrary taxation and equitable framework for the administration of presumptive tax, particularly within the informal sector.<\/p>\n
According to him, “These Regulations are anchored on Mr. President\u2019s commitment to “taxing prosperity, not poverty,\u201d<\/p>\n
Edun highlighted that the Presumptive Tax Regulations introduced a uniform framework for sub-national implementation designed to:
\n\uf06eExempt nano and small businesses with annual turnover of \u20a612 million and below from tax, ensuring protection for struggling entrepreneurs;
\n\uf06eIntroduce a modest 1% tax on turnover for other eligible informal sector businesses;
\n\uf06eEliminate cash-based tax collection practices by encouraging technology-driven payment systems;
\n\uf06eProhibit the mounting of roadblocks or any informal means of tax enforcement;
\n\uf06eFacilitate seamless on-boarding of informal businesses into the formal economy through structured digital platforms.<\/p>\n
The Minister stated further that Nigeria\u2019s economy recorded over 4% growth in the last quarter of 2025, describing it as positive momentum.<\/p>\n
He emphasized that the government is targeting 7% GDP growth in the immediate term as part of a broader strategy to achieve President Tinubu\u2019s vision of a $1 trillion economy by 2030.<\/p>\n
Edun stressed that formalizing the informal sector is central to achieving inclusive and sustainable economic growth. \u201cWe must grow the Nigerian economy across all sectors, micro, small, medium and large enterprises; domestic and foreign investors; and Nigerians in the diaspora. A fair and predictable tax system is critical to that growth,\u201d he emphasized.<\/p>\n
The Minister acknowledged the role of the Joint Tax Board in ensuring coordinated implementation across federal and sub-national tax authorities, assuring stakeholders that enforcement would be monitored closely to guarantee fairness and consistency nationwide.<\/p>\n
Earlier, the Executive Secretary of the Joint Revenue Board, Mr Olusegun Adesokun stated that the new rules are meant to put an end to informal coersion and fragmented tax practices, particularly at the sub national level.<\/p>\n
He disclosed that the guideline bans all forms of cash collection by tax authorities as well as the mounting of roadblocks for the collection of taxes<\/p>\n
In his remarks, Mr Joseph Tegbe, Chairman of the National Tax Policy Implementation Committee (NTPIC), stated that with the signing of these Presumptive Tax Guidelines, the country has moved from legal provision to operational reality.<\/p>\n
“The tax reforms being championed by President Bola Ahmed Tinubu, is not about imposing new burdens but restoring order where there has been fragmentation, replacing arbitrariness with transparency, and building a tax system that reflects the realities of Nigeria\u2019s informal economy while promoting fairness and inclusion” he stated<\/p>\n
Tegbe emphasized that the National Tax Policy Implementation Committee will continue to work closely with tax authorities to ensure disciplined rollout, operational consistency, and safeguards against arbitrary assessments.<\/p>\n
The event was attended by dignitaries such as the Executive Chairman, Nigerian Revenue Service; Executive Secretary, Joint Revenue Board; Chairmen of Tax Authorities; and representatives from the National Tax Policy Implementation Committee.<\/p>\n","protected":false},"excerpt":{"rendered":"
Finance Minister Signs Presumptive Tax Regulations to boost economic inclusion The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has signed the Presumptive Tax Regulations framework, marking a significant milestone in Nigeria\u2019s tax reform journey. In a statement by the Ministry’s Asst Director of Information and Public Relations, Amadi Uloma, […]<\/p>\n","protected":false},"author":4,"featured_media":150172,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[79,5,18],"tags":[1704,2816,2815],"class_list":{"0":"post-150171","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"category-finance","9":"category-news","10":"tag-hm-edun","11":"tag-joint-revenue-board","12":"tag-presumptive-tax-regulations-framework"},"yoast_head":"\n