The Joint Revenue Board (JRB) has announced a nationwide ban on the use of roadblocks for tax collection as it unveiled new Presumptive Tax Regulations aimed at improving tax administration and protecting small businesses.
The Executive Secretary of the JRB, Olusegun Adesokan, explained that the new regulations establish a coordinated framework for tax collection across the country, ensuring that business activities are not disrupted.
Under the guidelines, nano and small enterprises with an annual turnover of ₦12 million or less are exempt from payment. Informal businesses that exceed this threshold will be required to pay a one per cent tax on turnover. The policy is designed to shield small businesses, promote expansion, and broaden the tax base in a fair manner.
At the launch of the regulations, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated that the framework promotes transparency, equity, and inclusion. He said it creates a structured path for small enterprises to transition into the formal sector and contribute meaningfully to long-term economic development.
Edun noted that Nigeria recorded over four per cent GDP growth in the final quarter of 2025 and reiterated the government’s target of achieving seven per cent growth in the near future. He added that this aligns with the administration’s ambition to grow the economy to one trillion dollars by 2030.
The minister further explained that tax administration under the new system would involve collaboration among federal, state, and local governments. Implementation will be monitored to ensure fairness, with oversight from the Ombudsman to guarantee compliance.
He described the reforms as growth-driven, aimed at generating employment, supporting small and medium-sized enterprises, and encouraging investment from Nigerians both within the country and abroad.
