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The Federal Inland Revenue Service (FIRS) is spearheading efforts to draft new tax legislation aimed at regulating and taxing the rapidly growing cryptocurrency sector. Despite Nigeria’s prominent role in the global cryptocurrency market, the country has so far collected only minimal tax revenue from crypto-related activities. To address this, FIRS is seeking legislative support from the Nigerian National Assembly.
Lack of Tax Benefits from Cryptocurrency Activities
Recent reports indicate that a new tax regulation bill targeting cryptocurrency activities is currently being developed. FIRS Chairman Zacch Adedeji presented this initiative to a joint committee of the Nigerian National Assembly as part of broader reforms aimed at modernizing the country’s tax system.
Adedeji emphasized the need for Nigeria to update its tax laws to better reflect the current economic landscape, which increasingly includes cryptocurrency transactions for cross-border trade and payments. Although Nigeria has a significant presence in both the African and global cryptocurrency markets, the country has yet to reap substantial tax benefits from these activities.
To underscore the issue, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, previously highlighted that Binance, a leading cryptocurrency exchange, facilitated $26 billion in transactions from Nigeria. However, some officials argue that the exchange has not been collecting taxes on behalf of the Nigerian government, leading to significant revenue loss for the country.
In his address to the committee, Adedeji acknowledged this concern and outlined plans to overhaul the tax system for greater efficiency.
“We cannot ignore the cryptocurrency ecosystem; it is a crucial part of the current economic environment. However, in Nigeria, there are currently no laws regulating cryptocurrency activities,” Adedeji remarked. He assured the committee that FIRS remains committed to achieving its revenue target of $12.2 billion (19.4 trillion naira) while considering necessary changes to the tax laws.
Meanwhile, Senate Finance Committee Chairman Sani Musa praised Adedeji for his collaboration with lawmakers and supported the idea of a unified tax collection agency. House Finance Committee Chairman Kalejaiye Paul also expressed his support for FIRS’s efforts.
Why are the taxing from the same crypto which have been banned
I have always known that was the main problem, tax, no remittances to them
make it legal then tax it.
This is so absurd, how can they collect tax on what they don’t legalize,it’s so confusing
So,if they started collecting tax,it means it is now legal, and we can’t be secretly doing the transaction again
Because Nigerian leaders are so power drunk and brainless. How can they tax what they banned if not that they are confused bunch of inept politicians!
Tax,tax,tax.
Is what Nigerian wake up to everyday,no proper reform to any sector itself,crazy leaders.
Likeeeee, these folks retarded as hell
Fuck this shit 🖕
The want to collect taxes from something that is not legally prosecuted, Why?
Bad governance they don’t deserve role the country useless people.
Please, what is cryptocurrency? Is it a new note? Are we no longer using our Naira and Kobo again?
Please, tell us on time before what happened during cashless policy repeat itself. How and where do we get it let me begin on time to gather my own ooo? I don’t want to be taken unawares.
Mumu government, you banned something and still want to collect money from it, how na? Bunch of foolsssss in Nigeria Government
How can they tax what they have banned,I wonder which country is called Nigeria
Their policies are inimical to the growth of the sector in Nigeria. Nigerians on their own are making great strides in the sector but Government is discouraging Crypto exchanges who are in turn delisting residents of Nigeria from their platforms or limiting what can be done. Now the same government wants to introduce tax to the same sector. They are confused and greedy. They are increasing poverty in the country but promising economic growth. One Nigeria is a scam.
I guess using DeFi platforms would be the solution to such corrupt gvts.
What fuuccckk!!!!!
Well they cannot tax crypto traders because Nigeria govt don’t have the power to control Dex and Cex. Meanwhile, you cannot tax a system you ban from functioning. The system of govt is a joke in Nigeria
It’s a transactional government that is only interested in enriching itself.
I don’t think is real
How can you tax what you don’t approve as legal
Nigerian leaders are just bunch of confused old people
This is the worstest government ever in the whole world
They will totally fail & never succeed. Tax is fraud.
if tax crypto trader, meaning they shall accept crypto and legalise the cryptocurrency trading in the economy system of Nigeria, welcome development
Such is life,,, Nigeria Failed to banned insecurity, Corruption. Why Cryptocurrency tax
Nigeria leaders are brainless 🧠.
Useless old idiots, you guys bound cryptocurrency in Nigeria, and now you are trying to create me revenue from what you have bound useless fools.
This is nothing but nonsense.
You people already banned any Crypto currency activities💱💲💹,and now you are telling us that you’ll regulate a TAX payments concerning it.
Why don’t the country support cryptocurrency and get some revenue from inside by collecting tax
Which kind useless country be this fucker Nigeria self😌
Crypto you have already banned and you still wanna collect tax from it idiot peoples.
I don’t know maybe all this people’s call them serve Nigeria government are not even thinking before they do something…since how many months they have blocked all crypto p2p for Nigeria now…so there next plain now,is to bring eye come enter crypto for us now…
This Nigeria government too funny,see a lot graduate outside there jobless,no good road,no security in the country,no good light,…and you are borrowing money to buy cars and builds house….and you still wanna collect from where you did not do
The govt doesn’t add value to economy of the country but they’re always looking for ways to collect revenues from the citizens through any means.