Presidential Tax Committee has confirmed the cryptocurrencies are now taxable under Nigeria’s new Fiscal Framework.
NaijaOnPoint Nigeria reports that the Presidential Fiscal Policy and Tax Reforms Committee has announced that virtual currencies including cryptocurrencies will now be taxed under Nigeria’s updated tax reform laws.
The committee’s chairman, Taiwo Oyedele, revealed this during an online public lecture hosted by the Capital Market Academics of Nigeria (CMAN) on Wednesday.
Virtual currencies are digital assets that exist only online and are often created by private developers or virtual communities. While some are limited to specific platforms, many especially cryptocurrencies can be exchanged for real money.
Capital Market Gains Remain Tax-Exempt
Oyedele clarified that although virtual currencies are now taxable, gains made in the capital market remain exempt, describing this as a strategic opportunity to guide young Nigerians toward regulated investment channels.
“Virtual currency under the new law is liable to tax. Capital market gains for virtually everybody are exempted. Why are we not telling our young people that capital market returns are better and exempt?” he said.
He expressed concern that widespread misinformation has discouraged youth participation in the capital market.
“If you ask any young person to invest today, they’ll claim there’s a 30% tax on it. That’s false. Real people make poor decisions when misinformed. Narratives shape sentiments, and sentiments shape our reality,” he warned.
Oyedele added that while markets eventually correct themselves, many investors may suffer losses due to short-term misinformation.
New Law Introduces Mandatory Tax Refund Fund
He also highlighted a new provision requiring government to set aside dedicated funds for tax refunds, ensuring transparency and efficiency.
“In the new tax law, the government will no longer share all revenue generated,” he said. “Funds must now be reserved to honour legitimate refund claims.”
Committee Collaborates With NOA to Boost Public Awareness
To help Nigerians better understand the new tax system, the committee is partnering with the National Orientation Agency (NOA) to translate the tax law into multiple local languages. This, Oyedele said, aims to ensure grassroots awareness of citizens’ rights, obligations, and opportunities under the revised framework.
What You Should Know
Last week, Oyedele disclosed that Nigeria has entered agreements with over 100 countries to gather data on remote workers to enforce tax compliance.
Speaking at a webinar organised by the National Orientation Agency, he stressed that all remote workers in Nigeria regardless of their employer or the country they work for are required to declare their income and remit taxes accordingly.