Amanze Chinonye
The Nigeria Revenue Service (NRS) has dismissed claims circulating in a viral video alleging that the Nigeria Tax Act 2025 will only take effect in 2027 and that it introduces a 25 per cent tax on building materials and construction-related funds, Prime Business Africa reports.
In a press release issued on February 16, 2026, the agency described the claims as false and misleading, clarifying that the Nigeria Tax Act 2025 is already in force and does not impose any 25 per cent tax on building materials, construction costs, housing funds, or related transactions.
According to the NRS, the Act was designed to reduce housing costs, stimulate investment in the real estate and construction sectors, and promote wider economic participation.
Join our WhatsApp Channel“The Nigeria Tax Act 2025 is already in effect, and it does not introduce any 25% tax on building materials, construction costs, housing funds, or related transactions,” the Service stated.
The agency explained that rather than imposing new burdens, the Act introduces reliefs and incentives aimed at improving affordability and supporting development across the housing value chain.
Among the key provisions highlighted are Value Added Tax (VAT) exemptions on the sale and lease of eligible residential properties, including rent, as well as VAT exemptions for the supply of eligible building and construction inputs under specified conditions.
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The Act also provides mortgage interest relief for owner-occupied homes, allowing deductions of up to N8 million, a measure the Service said would enhance access to homeownership.
In addition, tax incentives are available for developers and institutional investors, including exemptions for qualifying Real Estate Investment Trusts (REITs), alongside other reliefs for eligible housing-related financing structures.
The NRS further noted that the law contains withholding tax and VAT relief measures designed to ease compliance burdens and encourage sectoral investment.
Emphasising that no new tax has been introduced on building materials or construction funds, the agency stressed that the Act does not restrict how individuals may finance housing projects or transfer funds for construction purposes.
The Service urged members of the public to disregard misinformation and rely on verified updates from official government channels.
It reaffirmed its commitment to transparency and to implementing the Nigeria Tax Act 2025 in a manner that strengthens the economy, improves housing affordability, and safeguards the public interest.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
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