The Federal Government of Nigeria has officially launched a ₦10 million Tax Reform Challenge for students across the country to promote awareness, education, and participation in the nation’s evolving fiscal reforms.
Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, made the announcement on Friday via his official X (formerly Twitter) handle. He described the initiative as a strategic move to encourage young Nigerians to contribute ideas and creativity to the ongoing national discourse on tax and fiscal transformation.
According to Oyedele, the competition represents a major opportunity for undergraduates and graduates to take ownership of Nigeria’s economic future through research, innovation, and informed debate. He described it as “big news for Nigerian students” and a deliberate effort to “raise awareness, promote tax education, and inspire constructive youth-led dialogue on Nigeria’s tax reform.”
The competition is open to all undergraduates in Nigerian tertiary institutions as well as graduates currently undergoing the National Youth Service Corps (NYSC) programme or awaiting mobilisation. Participants are required to study the newly enacted tax laws and submit creative entries such as articles, videos, podcasts, radio features, or social media posts published between July 1 and December 31, 2025.
Entries will be judged based on their educational value, engagement, creativity, and factual accuracy. Oyedele emphasized that the panel welcomes constructive criticism, saying, “Entries that are critical of the reform are welcome. What matters most is evidence-based reasoning and clarity of thought.”
The ₦10 million prize pool will be distributed among the top three winners, with ₦5 million for the first prize, ₦3 million for the second, and ₦2 million for the third. Beyond the monetary rewards, the initiative also promises tangible opportunities for participants to develop their careers in taxation, policy analysis, and public administration.
Oyedele announced that the top 10 finalists from each geopolitical zone would receive consolation prizes, including digital gadgets, paid internships, employment placements, and recognition as Tax Reform Youth Ambassadors a title that would enable them to collaborate with policymakers on fiscal awareness campaigns nationwide.
Encouraging participation, Oyedele urged students to view the challenge as more than a contest, but as a contribution to nation-building. “Don’t just watch history. Shape it Read. Create. Educate. Grow,” he wrote.
The initiative forms part of the broader mandate of the Presidential Fiscal Policy and Tax Reforms Committee inaugurated by President Bola Ahmed Tinubu on August 8, 2023. The committee, chaired by Oyedele, was tasked with reviewing and harmonising Nigeria’s tax system to eliminate multiple taxation, promote fairness, and improve revenue generation without imposing excessive burdens on citizens or businesses.
The new reforms, signed into law by President Tinubu on June 26, 2025, and gazetted in September, include four major 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.
Under the new framework, small businesses with a turnover below ₦100 million and assets under ₦250 million are exempted from corporate taxes, while large firms may enjoy a reduced corporate tax rate of 25% (down from 30%) at the discretion of the President. The reforms also introduce a 5% annual tax credit for eligible projects and permit companies transacting in foreign currency to pay taxes in naira at the official exchange rate.
The Federal Government stated that the reforms are designed to simplify Nigeria’s tax regime, promote transparency, attract foreign investment, and support small businesses, all key goals of President Tinubu’s Renewed Hope Agenda.
As the Tax Reform Challenge gains momentum, the government hopes it will not only boost tax literacy among young Nigerians but also empower them to take an active role in shaping a fair, transparent, and sustainable fiscal future for the nation.
