Students to win N10m in FG’s new tax reform contest

The Federal Government has announced a N10 million Tax Reform Challenge aimed at engaging Nigerian students in the nation’s new tax policy and encouraging youth participation in fiscal discourse.

Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, disclosed the initiative on X on Friday. According to him, the competition seeks to promote awareness, education, and youth-led conversations around Nigeria’s ongoing tax reforms.

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

He explained that the contest is open to undergraduates in all Nigerian tertiary institutions, as well as graduates currently serving or awaiting mobilisation under the National Youth Service Corps (NYSC).

Participants are required to study the recently enacted tax laws and submit a creative entry — which may be an article, video, podcast, radio feature, or social media post — published between July 1 and December 31, 2025.

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Oyedele said submissions would be judged based on how “educative, engaging, and fact-based” they are, adding that “entries that are critical of the reform are welcome.”

The top three winners will receive ₦5 million, ₦3 million, and ₦2 million respectively. In addition, the top 10 finalists from each geopolitical zone will be rewarded with gadgets, internship placements, employment opportunities, and recognition as Tax Reform Youth Ambassadors.

Encouraging students to participate, Oyedele urged: “Don’t just watch history. Shape it — Read. Create. Educate. Grow.”

The Presidential Fiscal Policy and Tax Reforms Committee, inaugurated by President Bola Tinubu on August 8, 2023, was tasked with simplifying Nigeria’s tax framework, harmonising levies, and boosting revenue generation without imposing additional burdens on citizens or businesses.

In September, the Federal Government gazetted the new tax reform laws — following the President’s assent on June 26 — which introduced four key legislations: the Nigeria Tax Act 2025, the Nigeria Tax Administration Act 2025, the Nigeria Revenue Service (Establishment) Act 2025, and the Joint Revenue Board (Establishment) Act 2025.

According to the publication, small businesses with turnover below ₦100 million and assets under ₦250 million are exempted from corporate tax. It also provides that large corporations may see a reduction in corporate tax from 30% to 25%, at the President’s discretion.

The reforms also include top-up tax thresholds of ₦50 billion for local firms and €750 million for multinationals, a 5% annual tax credit for priority-sector projects, and permission for companies transacting in foreign currency to pay taxes in naira at official exchange rates.

While the Nigeria Tax Act and the Nigeria Tax Administration Act will take effect from January 1, 2026, the Nigeria Revenue Service and Joint Revenue Board Acts came into force on June 26.

The reforms, according to the government, are intended to simplify Nigeria’s tax system, support small businesses, attract investment, and strengthen fiscal stability under President Tinubu’s Renewed Hope Agenda.