Nigeria’s government has announced that virtual currencies, including cryptocurrencies, will now be subject to taxation under the country’s revamped tax framework. The move is part of ongoing efforts to modernize the nation’s fiscal system and broaden the tax base.
Speaking on the policy update, Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, confirmed that digital assets will fall under the new tax regime. Oyedele stated that this measure is intended to ensure that individuals and businesses participating in the growing cryptocurrency space contribute fairly to national revenues.
The announcement comes amid rising global attention on regulating digital currencies. Analysts say the tax directive could encourage transparency in Nigeria’s crypto ecosystem, while also generating significant revenue for the government.
Oyedele emphasized that the policy aligns with international best practices and reflects Nigeria’s commitment to adapting to technological advancements in finance. He also indicated that guidelines for reporting and compliance would be released soon, providing clarity for crypto traders, investors, and companies.
Industry stakeholders have reacted with mixed views. Some see the taxation as a step toward legitimizing digital assets in Nigeria, while others caution that poorly implemented policies could stifle innovation in the fintech sector.
The Federal Inland Revenue Service (FIRS) is expected to issue detailed directives on the registration, reporting, and payment procedures for cryptocurrency taxation in the coming weeks.
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