The Wale Edun, Minister of Finance and Coordinating Minister of the Economy, on Tuesday signed the presumptive tax regulations framework in Abuja, marking the full implementation of Nigeria’s latest tax reforms.
Speaking during the signing ceremony, Edun said the move signifies Nigeria’s transition “from legislation to structural implementation of the tax reforms.”
“The message of today’s event is anchored on transparency, fairness, clarity, and indeed equity and economic inclusion for all Nigerians,” he stated. “These regulations provide a simple and transparent framework for the application of the presumptive tax.”
Edun emphasized that the framework was issued under the powers vested in him as Minister of Finance and Coordinating Minister of the Economy, based on the advice of the Joint Revenue Board. The aim is to ensure consistency, prevent arbitrary assessments, and protect small businesses while supporting ongoing economic growth.
Highlighting recent economic trends, the minister noted that Nigeria recorded about four percent GDP growth in the last quarter of 2025 and emphasized the government’s target to reach seven percent in the immediate term, in line with President Bola Tinubu’s vision for 2030.
“The framework formalizes entry for small businesses into the formal economy, providing structured support while sustaining economic growth,” Edun added.
The presumptive tax regulations are expected to simplify compliance, promote fairness, and help integrate small-scale operators into Nigeria’s formal economic system, boosting transparency and inclusion across sectors.
