Nigeria Cracks Down on Cryptocurrency Tax Evasion

Nigeria has introduced comprehensive guidelines for taxing cryptocurrencies and other virtual assets, bringing clarity to an industry that had long operated in uncertainty. The Nigeria Revenue Service (NRS) has clarified how existing taxes under the Nigeria Tax Act (NTA) 2025 and the Nigeria Tax Administration Act (NTAA) 2025 apply to digital asset transactions.

According to Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy, the framework aims to remove uncertainty rather than introduce fresh taxes. Income from virtual assets has always been taxable under existing law, he said.

The NRS said the guidelines are intended to improve compliance, provide certainty for investors and exchanges, and ensure the fast-growing digital asset market contributes to government revenue. The guidelines explain which digital assets are covered, the taxes that apply, how gains are calculated, and who is responsible for collecting them.