Nigeria Sets Major Tax Overhaul for 2026, Aims to Boost Reserves to $51 Billion

President Bola Tinubu has confirmed Nigeria's new tax regulations will start on January 1, 2026. The announcement ends months of public speculation about a potential delay. The Central Bank of Nigeria (CBN) projects the reforms will help grow the country's external reserves to $51.04 billion. External reserves are a nation's savings of foreign currencies, crucial for stabilizing the economy and paying for imports. The planned changes are part of a broader strategy to increase government revenue. Details of the specific new tax laws were not provided in this latest statement. The 2026 start date gives businesses and individuals more than a year to prepare for the changes.