Nigeria has officially published its long-awaited tax reform laws, paving the way for a new framework to shape how cryptocurrencies and other digital assets are treated under the country’s tax code. The announcement was made by Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, who confirmed that the laws are now in the Official Gazette and will come into effect from January 1, 2026.
The reform package is made up of four major bills: the Nigeria Tax Act (NTA), the Nigeria Tax Administration Act (NTAA), the Nigeria Revenue Service (Establishment) Act (NRSEA), and the Joint Revenue Board (Establishment) Act (JRBEA). These acts aim to simplify Nigeria’s tax system, harmonise collection, and strengthen oversight. For the crypto sector, the NTAA is the most consequential, as it provides the legal foundation for taxing digital asset activities.
According to details shared by Oyedele, the reforms introduce relief for smaller businesses and stricter obligations for larger firms. Companies with annual turnover below ₦100 million and fixed assets under ₦250 million will pay no corporate tax. Larger firms will see their tax rate reduced from 30% to 25%, though the commencement date for this reduction will be determined later.
For digital assets, the NTAA casts a wide net. Every trade, transfer, or exchange of crypto will be subject to tax. Income from mining, staking, airdrops, bounties, and rewards will also be taxable. Payments made with digital assets for goods or services will be treated the same as cash transactions, using the asset’s market price at the time to calculate tax liability.
The government expects the reforms to increase revenue while providing clarity for investors and businesses. The plan could give the government more revenue and clearer rules for businesses. But it may also create challenges.
However, traders and startups could struggle to record the changing value of assets and keep proper records. For small businesses, following these rules could become costly and complicated.
Critics worry that heavy-handed taxation may discourage innovation or push parts of the market underground. Yet, supporters argue that a defined tax regime is a necessary step toward mainstreaming crypto and reducing regulatory uncertainty.
With Nigeria ranking among the world’s most active crypto markets, the question remains whether the law will strike the right balance between oversight and innovation, ensuring Nigeria can benefit from its vibrant digital economy without stifling growth.
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