Nigeria has launched a sweeping overhaul of its tax system, a reform President Bola Tinubu has described as a “once-in-a-generation” chance to strengthen the country’s fiscal base. The new framework is designed to raise revenues and reduce Africa’s largest economy’s long-standing dependence on oil exports. Four newly enacted laws significantly broaden the tax net, resetting minimum income thresholds, introducing taxes on savings interest, and pulling more workers into the formal tax system. The reforms also target foreign companies and impose a 30% capital gains tax on investors. The effort echoes Tinubu’s early-2000s reforms in Lagos State, widely credited with transforming the state into Nigeria’s strongest revenue generator, and signals an ambitious push for national fiscal stability.
SEMAFOR
