The Presidential Fiscal Policy and Tax Reforms Committee says virtual currencies, including cryptocurrencies, will now be taxed under Nigeria’s new fiscal reform framework. The committee’s chairman, Taiwo Oyedele, announced this during an online public lecture organised by the Capital Market Academics of Nigeria.
He explained that despite the new provision covering virtual currencies, capital market gains remain exempt from tax, which he said creates an opportunity to draw young Nigerians into regulated investment markets. Oyedele added that misinformation has kept many potential investors away.
Oyedele also highlighted that the new law mandates government to set aside funds for tax refunds, ensuring greater accountability and preventing the distribution of all revenue without provision for legitimate claims. He said the measure is expected to improve trust in the tax system.
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To enhance public understanding of the reforms, the committee is working with the National Orientation Agency to translate the tax law into local languages and expand awareness at the grassroots. Oyedele also noted that Nigeria has agreements with over 100 countries to obtain income data from remote workers to ensure compliance.
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