Breaking: FG Rolls Out ₦10 Million Tax Reform Challenge To Harness Youth Ideas Nationwide

Announcing the initiative on Friday, the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, said the competition seeks to inspire creativity, research, and meaningful dialogue around Nigeria’s evolving fiscal landscape.

In a post on (formerly Twitter), Oyedele described the challenge as “big news for Nigerian students,” noting that it was designed to raise awareness, promote tax education, and spark youth-led conversations about the country’s tax policies.

“This challenge is designed to raise awareness, promote tax education, and inspire constructive youth-led dialogue on Nigeria’s tax reform,” he stated.

Who Can Participate

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

Participants are to study the new tax laws and create articles, videos, podcasts, radio shows, or social media posts published between July 1 and December 31, 2025. Submissions will be judged based on how educative, engaging, and factual they are — with critical analyses of the reforms also welcomed.

“Entries that are critical of the reform are welcome. Don’t just watch history—shape it. Read. Create. Educate. Grow,” Oyedele added.

₦10 Million in Prizes and Career Opportunities

The ₦10 million prize pool includes ₦5 million for the top winner, ₦3 million for the second place, and ₦2 million for the third.
The top 10 finalists from each geopolitical zone will also receive gadgets, internship offers, employment opportunities, and recognition as Tax Reform Youth Ambassadors.

Oyedele noted that the initiative will help nurture a new generation of tax-literate Nigerians capable of driving sustainable development through civic engagement.

Background on the Reforms

The Presidential Fiscal Policy and Tax Reforms Committee, inaugurated by President Bola Tinubu on August 8, 2023, is tasked with modernising Nigeria’s tax and fiscal systems.

The new laws — the Nigeria Tax Act 2025, Tax Administration Act 2025, Nigeria Revenue Service (Establishment) Act 2025, and Joint Revenue Board (Establishment) Act 2025 — were signed into law on June 26, 2025, and gazetted on September 10, 2025.

Key highlights include:

• Exemption from corporate tax for small businesses with turnover below ₦100 million.

• Reduced corporate tax rate for large firms (from 30% to 25%) at the President’s discretion.

• 5% annual tax credit for eligible priority-sector projects.

• Option for foreign currency earners to pay taxes in naira at official exchange rates.

While some parts of the reform take effect January 1, 2026, others are already in force.

The Federal Government stated that the reforms aim to simplify Nigeria’s tax system, support small businesses, attract foreign investment, and enhance fiscal stability in line with President Tinubu’s Renewed Hope Agenda.