The Federal Government has introduced a N10 million Tax Reform Challenge for students across the country to promote awareness and engagement with Nigeria’s new tax reform laws.

Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, announced the initiative on X on Friday. He said it was designed to encourage young Nigerians to contribute ideas and creativity to the ongoing fiscal reform process.

He described the competition as “big news for Nigerian students.”

He added that it aims “to raise awareness, promote tax education, and inspire constructive youth-led dialogue on Nigeria’s tax reform.”

According to Oyedele, the challenge is open to undergraduates in all Nigerian tertiary institutions as well as graduates currently undergoing the National Youth Service Corps (NYSC) programme or awaiting mobilisation.

Participants are expected 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.

He explained that entries would be evaluated based on how “educative, engaging, and fact-based” they are, noting that “entries that are critical of the reform are welcome.”

The award structure includes N5 million for the first prize, N3 million for the second, and N2 million for the third.

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

Encouraging young Nigerians to take part, 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, as part of efforts to review and reform Nigeria’s fiscal and tax policies.

Chaired by fiscal policy expert Taiwo Oyedele, the committee was mandated to harmonise taxes, reduce multiple taxation, and improve the country’s revenue generation system without creating additional burdens for citizens or businesses.

The Federal Government explained that the committee’s work would focus on simplifying Nigeria’s complex tax structure, promoting transparency, and improving coordination between federal and subnational tax authorities.

On September 10 reported the Federal Government published Nigeria’s new tax reform laws in the official gazette following President Bola Tinubu’s assent on June 26.

The announcement was contained in a statement signed by the Personal Assistant on Special Duties to the President, Kamorudeen Yusuf.

The reforms introduce four legislations: the Nigeria Tax Act 2025, Nigeria Tax Administration Act 2025, Nigeria Revenue Service (Establishment) Act 2025, and the Joint Revenue Board (Establishment) Act 2025.

The gazette stated, “Small businesses with turnover under ?100m and assets below ?250m are exempted from corporate tax.

“Corporate tax rate for large firms may be cut from 30% to 25% at the President’s discretion. Top-up tax thresholds: ?50bn (local firms) and €750m (multinationals). 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 the Nigeria Tax Administration Act will take effect from January 1, 2026, while the Nigeria Revenue Service Act and the Joint Revenue Board Act became effective from June 26.

“These reforms aim to simplify Nigeria’s tax system, support small businesses, attract investment, and strengthen fiscal stability, aligning with President Tinubu’s Renewed Hope Agenda to diversify revenue away from oil,” the statement concluded. (The PUNCH)