Tinubu Govt Unveils ₦10m Tax Reform Challenge for Students, Corps Members Nationwide

The Federal Government has announced a ₦10 million Tax Reform Challenge for students across the country as part of efforts to promote awareness and engagement with Nigeria’s new tax reform laws.

The initiative was unveiled by the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, who made the announcement in a post on X (formerly Twitter) on Friday.

Oyedele said the challenge was designed to encourage young Nigerians to contribute innovative ideas and perspectives to the ongoing fiscal reform process.

Describing the initiative as “big news for Nigerian students,” Oyedele said the competition aims “to raise awareness, promote tax education, and inspire constructive youth-led dialogue on Nigeria’s tax reform.”

He explained that the challenge is open to undergraduates in Nigerian tertiary institutions as well as graduates currently undergoing the National Youth Service Corps (NYSC) programme or awaiting mobilisation.

How to participate

Participants are required to read the new tax laws and submit an article, video, podcast, radio feature, or social media post published between July 1 and December 31, 2025.

According to Oyedele, entries will be evaluated based on how educative, engaging, and fact-based they are.

He noted that critical entries would not be penalised, adding that “entries that are critical of the reform are welcome.”

Prizes and recognition

The ₦10 million award pool will be distributed as follows: ₦5 million for the first prize, ₦3 million for the second, and ₦2 million for the third.

Oyedele added that the top 10 finalists from each geopolitical zone will also receive consolation prizes such as gadgets, internships, employment opportunities, and recognition as Tax Reform Youth Ambassadors.

Encouraging young Nigerians to participate, he wrote: “Don’t just watch history. Shape it — Read. Create. Educate. Grow.”

The Presidential Fiscal Policy and Tax Reforms Committee was inaugurated by President Bola Tinubu on August 8, 2023, to review and reform Nigeria’s fiscal and tax systems.

Chaired by Oyedele, a fiscal policy expert, the committee was tasked with harmonising taxes, reducing multiple taxation, and improving revenue generation without imposing additional burdens on citizens or businesses.

The Federal Government stated that the committee’s work focuses on simplifying Nigeria’s complex tax structure, promoting transparency, and strengthening coordination between federal and subnational tax authorities.

Details of new tax laws

The government published Nigeria’s new tax reform laws in the official gazette on September 10, following President Tinubu’s assent on June 26, 2025.

The laws include the:

• Nigeria Tax Act 2025

• Nigeria Tax Administration Act 2025

• Nigeria Revenue Service (Establishment) Act 2025

• Joint Revenue Board (Establishment) Act 2025

According to the gazette:

• Small businesses with turnover under ₦100 million and assets below ₦250 million are exempted from corporate tax.

• Corporate tax rate for large firms may be reduced from 30% to 25% at the President’s discretion.

• A 5% annual tax credit was introduced for eligible priority-sector projects.

• Companies transacting in foreign currency may now pay taxes in naira at official exchange rates.

The Nigeria Tax Act and Nigeria Tax Administration Act will take effect from January 1, 2026, while the other two legislations became effective on June 26, 2025.

Government’s goal

The reforms are aimed at simplifying Nigeria’s tax system, supporting small businesses, attracting investment, and strengthening fiscal stability in line with President Tinubu’s Renewed Hope Agenda, which seeks to diversify national revenue away from oil.