The Federal Government has announced a ₦10 million Tax Reform Challenge for students across the country to deepen public awareness and engagement with Nigeria’s new tax reform laws.
Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, disclosed the initiative on Friday via X (formerly Twitter). He said the competition was designed to encourage young Nigerians to contribute creative ideas to the ongoing fiscal reform process.
Describing the competition as “big news for Nigerian students,” Oyedele said the challenge aims to promote tax education and inspire youth-led dialogue on Nigeria’s tax reform agenda.
The contest is open to undergraduates in all Nigerian tertiary institutions as well as graduates currently in the National Youth Service Corps (NYSC) or awaiting mobilisation. Participants are required to read the new tax laws and submit an article, video, podcast, radio piece, or social media post published between July 1 and December 31, 2025.
According to Oyedele, submissions will be judged on how educative, engaging, and fact-based they are, adding that entries critical of the reforms are welcome.
The prize structure includes ₦5 million for the winner, ₦3 million for the second-place, and ₦2 million for the third-place finalist. The top 10 participants from each geopolitical zone will also receive consolation prizes, including gadgets, internships, job opportunities, and recognition as Tax Reform Youth Ambassadors.
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Encouraging students to participate, Oyedele wrote, “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 harmonising taxes, reducing multiple taxation, and boosting revenue generation without overburdening citizens or businesses.
The committee’s work culminated in the Nigeria’s new tax reform laws, which were gazetted in September following President Tinubu’s assent on June 26, 2025.
The new reforms include the Nigeria Tax Act 2025, Nigeria Tax Administration Act 2025, Nigeria Revenue Service (Establishment) Act 2025, and Joint Revenue Board (Establishment) Act 2025.
Under the laws, small businesses with turnover under ₦100 million and assets below ₦250 million are exempted from corporate tax, while large firms’ corporate tax may be reduced from 30% to 25% at the President’s discretion. Other provisions introduce a 5% annual tax credit for priority-sector projects and allow companies transacting in foreign currency to pay taxes in naira at official rates.
The new system, effective January 1, 2026, seeks to simplify tax processes, support small businesses, attract investment, and strengthen fiscal stability in line with President Tinubu’s Renewed Hope Agenda.
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