NEITI calls for regular review of new tax law
The Nigeria Extractive Industries Transparency Initiative (NEITI) has advised that the Nigeria Tax Act 2025 be reviewed after five years to ensure it stays relevant and effective. NEITI believes this approach will help Nigeria align with global transparency standards and strengthen oversight of extractive revenues. The agency also highlighted the importance of transparency and accountability in the implementation of the new tax reforms. Bola Tinubu signed the major tax reform bills into law on June 26, 2025.
What we know
- NEITI recommends a five-year review of the Nigeria Tax Act 2025 to address evolving fiscal needs.
- The new tax laws, signed by Bola Tinubu on June 26, 2025, aim to unify and modernise Nigeria’s tax system.
- NEITI stresses the need for strong transparency and oversight, especially in oil, gas, and mining sectors.
- The Nigeria Revenue Service will become the central tax authority, consolidating revenue collection nationwide.
- NEITI urges immediate legal safeguards and annual public disclosure of extractive sector revenues and tax waivers.
