The minister of finance and coordinating minister of the economy, Wale Edun on Tuesday in Abuja signed the presumptive tax regulations framework which signals its full implementation.
Speaking during the signing, Edun said, “With the signing ceremony for the presumptive tax regulations, Nigeria is transiting from legislation to structural implementation of the tax reforms.”
Speaking further, he said, “The message of today’s event is anchored on transparency, fairness, clarity, and indeed equity and economic inclusion for all Nigerians. These regulations do provide a simple and transparent framework for the application of the presumptive tax.
“They are issued as shown to the laws vested in my office as the minister of finance and the coordinating minister of the economy under Nigerian tax laws based on the advice of the joint revenue board. Our aim is to ensure consistency, prevent arbitrary assessments based on judgment, and to protect small businesses while ensuring the continuous growth of the Nigerian economy as we have been experiencing in the last two quarters.
“And in particular, the last quarter of 2025, the growth rate was about four percent. It’s headed in the right direction. It’s not quite where we want to be.
“We’re looking at in the immediate term to try to get to seven per cent GDP growth on our way to Mr. President’s clearly stated target for all of us to strive for by 2030. So we are looking to protect small businesses. We are formalising the framework that will provide small businesses with a structured entry into the formal economy.”
