Nigeria’s revamped tax reform agenda will place virtual currencies—including cryptocurrencies—under the nation’s tax net, marking a major shift in the government’s approach to digital assets. The clarification was issued by the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, who said the decision aligns with global best practices and aims to improve transparency and revenue generation in the fast-growing digital economy.
Jocomms Correspondent reports that Oyedele explained the move as part of broader efforts to modernise Nigeria’s tax system, close revenue leakages, and bring emerging financial activities into formal regulation. He noted that virtual asset transactions have expanded significantly in recent years, yet operate largely outside the nation’s tax structure, creating gaps in compliance and oversight. Under the new framework, digital currency users, exchanges, and service providers will be expected to meet clearly defined tax obligations once the guidelines are released.
Industry analysts say the reform could reshape Nigeria’s cryptocurrency landscape, influencing investor behaviour, market operations, and regulatory enforcement. While some stakeholders welcome the development as a step toward stability and legitimacy, others worry about potential compliance burdens. With implementation details still expected, one critical question remains—will the taxation of virtual currencies boost revenue without stifling innovation in Nigeria’s digital finance sector? Visit www.jocomms.com for more news.
