The Nigeria Revenue Service (NRS), in collaboration with the Joint Revenue Board (JRB), has released new guidelines for the taxation of virtual assets, setting out a formal framework for how digital asset activities will be administered and taxed in Nigeria. The guidelines apply to taxpayers, Virtual Asset Service Providers (VASPs), peer-to-peer (P2P) marketplace operators, tax practitioners and other persons engaged in virtual asset activities. The development marks a significant step in Nigeria’s efforts to bring the rapidly expanding virtual asset ecosystem within a clearer and more structured tax administration framework. New Compliance Requirements According to a public notice signed by the management of the NRS and JRB, the guidelines establish applicable tax obligations for virtual asset transactions, including registration, reporting, and record-keeping requirements. They also provide principles for the valuation of virtual assets and clarify the tax treatment of transactions involving digital assets. The framework is to be administered in accordance with the provisions of the Nigeria Tax Act, 2025 and the Nigeria Tax Administration Act, 2025. NRS Seeks Greater Transparency The Revenue Service said the issuance of the guidelines is aimed at providing greater clarity, certainty and consistency in the administration of Nigeria’s tax laws as the virtual asset ecosystem continues to evolve rapidly. It said the framework is also designed to promote voluntary compliance, enhance transparency, and support the development of a fair and efficient tax system for digital asset transactions. The NRS urged affected taxpayers and stakeholders to familiarize themselves with the provisions of the guidelines and …
Economy
By Esther OSOSANYA The Federal Competition and Consumer Protection Commission (FCCPC) has summoned the management of Air Peace Limited following a wave of complaints from passengers across Nigeria over non-refunded ticket fares, many tied to cancelled flights by the airline. The development became known through an official press statement issued by the Commission’s Director of …
By Sunday Michael Ogwu The Dangote Oil Refinery will in August begin direct supply of fuel to retail stations, manufacturers, telecoms firms, and other large users across Nigeria The move which is aimed at enhancing supply, will puts the biggest fuel refinery in Africa in direct competition with local petroleum marketers. Africa's biggest refinery …
The Federal Government has reaffirmed its commitment to tackling Nigeria’s infrastructure challenges through bold, transparent partnerships with the private sector. President Bola Ahmed Tinubu, represented by Vice President Kashim Shettima, made the call while declaring open the 2025 Nigeria Public Private Partnership (PPP) Summit in Abuja. Organised by the Infrastructure Concession Regulatory Commission (ICRC), the …
By Esther Osansanya The Federal Government of Nigeria has called on African nations to harness the collective power of their sovereign wealth funds (SWFs) to drive transformative development, deepen regional integration and accelerate sustainable infrastructure delivery across the continent. Vice President Kashim Shettima made the call at the official opening of the 2025 Africa Sovereign …
By Esther Ososanya Nigeria is bracing for a fresh surge in consumer prices as escalating hostilities between Israel and Iran send shockwaves through global commodity markets, pushing Brent crude toward US$130 per barrel. Though the oil rally promises windfall revenues for Africa’s largest producer, analysts warn that any fiscal boost could be eclipsed by a new wave …
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