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Nigerian govt issues guidelines on taxation of cryptocurrency, virtual assets, imposes penalties

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The Nigeria Revenue Service (NRS) has issued new guidelines on the taxation of virtual assets, providing a framework for the handling of cryptocurrencies and other digital asset transactions in the country.

In a statement on Monday, the tax authority said the guidelines are targeted at taxpayers, Virtual Asset Service Providers (VASPs), peer-to-peer (P2P) marketplace operators, tax practitioners and other participants in the virtual asset ecosystem.

The introduction of the virtual assets guidelines came after President Bola Tinubu signed the Presidential Executive Order on Virtual Assets Coordination, 2026, to harmonise digital asset regulation and curb financial fraud on 17 July.

According to NRS, the guidelines establish a clear administrative framework for the taxation of virtual assets in Nigeria.

The agency said the document outlines tax obligations applicable to virtual asset transactions, including registration, reporting and record-keeping requirements, valuation principles, and the tax treatment of digital asset transactions.

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It noted that the provisions are in line with the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025.

NRS said the issuance of the guidelines forms part of its efforts to provide greater clarity, certainty and consistency in the administration of Nigeria’s tax laws as the country’s virtual asset ecosystem continues to evolve.

According to the agency, the framework is designed to promote voluntary tax compliance, improve transparency, and support the development of a fair and efficient tax system for digital asset transactions.

The tax authority urged all affected taxpayers and stakeholders to study the guidelines and ensure full compliance with their tax obligations.

Penalties

Under the guidelines, VASPs and P2P marketplace operators that fail to meet their obligations face an administrative penalty of N10 million for the first month of default and N1 million for each subsequent month until compliance is achieved.

The obligations include deducting taxes from taxable transactions, collecting stamp duties where applicable, accounting for value-added tax (VAT), remitting taxes to the NRS within stipulated timelines, filing statutory returns, and maintaining proper books and records.

The guidelines also prescribe other sanctions, including N100,000 for failure to file returns or for filing incomplete returns in the first month of default, N50,000 for each subsequent month, and a penalty equal to 40 per cent of tax not deducted at source.

According to the guidelines, failure to register attracts N50,000 in the first month and N25,000 for each subsequent month, while failure to keep books and records attracts a N50,000 penalty for a company and N10,000 for an individual.

Also, failure to attend to demands, requests or notices attracts N100,000 for the first day and N10,000 for each subsequent day of default, while failure to disclose facts in a dutiable instrument attracts a N100,000 administrative penalty, a fine of N50,000 upon conviction, imprisonment for a term not exceeding three years, or both a fine and imprisonment.

The tax regulator also said that failure to notify a change of address attracts N100,000 for the first month and N50,000 for each subsequent month of default.

It added that failure to remit tax deducted at source attracts a penalty of 10 per cent per annum, plus interest calculated at the CBN’s Monetary Policy Rate (MPR), in addition to the amount deducted but not remitted, while a false or fictitious VAT refund claim attracts a penalty of 100 per cent of the amount claimed, plus interest calculated at the CBN’s Monetary Policy Rate.

According to the NRS, non-payment of tax for naira transactions attracts a penalty of 10 per cent of the amount due, plus interest, while non-payment of tax for foreign currency transactions attracts a penalty of 10 per cent of the amount due, plus secured overnight financing rate (SOFR) and the applicable spread.

“The penalties set out in this paragraph apply to the defaults relating to compliance with these guidelines and are without prejudice to the application of any other penalty, interest or offence prescribed under the NTAA or any other applicable law,” the guidelines stated.

The NRS also classified virtual assets into three broad categories, each with different tax treatments. These include cryptocurrencies and exchange tokens; fiat-referenced stablecoins; and virtual assets representing financial or investment rights, such as profit-sharing or revenue-sharing tokens.

Special crypto rules

For stablecoins, the NRS said gains will be determined based on the underlying fiat currency, while no withholding tax will apply at the point of disposal.

Cross-border transactions involving the conversion of naira into virtual assets for international settlements will not be treated as taxable disposals. However, any subsequent disposal of those assets will attract the applicable taxes.

The agency further clarified that virtual assets received as salaries, wages or professional fees will be valued at their fair market value on the date of receipt and taxed under the relevant provisions of the Nigeria Tax Act.

Similarly, tokens received from staking, mining, decentralised finance (DeFi) rewards and liquidity incentives will constitute taxable income on the date they are received, with the recognised value becoming the acquisition cost for future disposals.

READ ALSO: Tax ombud, experts seek fairer, transparent tax system to boost compliance 

For non-fungible tokens, the NRS said income earned by creators from the sale of NFTs will be treated as business income, while gains realised by investors disposing of NFTs held as investments will be taxed in accordance with the virtual asset guidelines.

The NRS said the new framework is intended to provide certainty for taxpayers while improving compliance and ensuring that Nigeria’s rapidly growing virtual asset ecosystem is brought within the country’s tax net.

The guidelines represent the latest effort by NRS to strengthen tax administration and expand revenue collection following the implementation of the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025.


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AXA Mansard Health Takes World Hepatitis Day Campaign to Bariga with Free Screenings and Community Relief

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PRESS RELEASE—As part of efforts to promote preventive healthcare and early detection of diseases, AXA Mansard Health has taken its hepatitis awareness campaign to Bariga, Lagos, providing residents with free screening, health education and support services.
The initiative, organised to commemorate World Hepatitis Day 2026, reflects the health management organisation’s continued focus on improving access to preventive healthcare, particularly in communities where routine screening and health information may be limited.
Residents who participated in the outreach received free hepatitis screening and were educated on prevention, diagnosis and the importance of seeking timely medical attention.
The programme also extended beyond medical intervention, with relief packages distributed to vulnerable families in the community as part of efforts to provide immediate support to beneficiaries.
According to AXA Mansard Health, taking health education and screening directly to communities is critical to closing gaps in awareness and access to preventive services.
The initiative underscores the growing importance of preventive healthcare in Nigeria, where delayed diagnosis and limited access to routine screening can worsen the health and financial consequences of treatable diseases.
For insurers and health maintenance organisations (HMOs), greater emphasis on prevention and early detection could also help reduce long-term healthcare costs by encouraging timely intervention before illnesses become more severe.
The Bariga outreach therefore highlights a broader shift in healthcare delivery towards awareness, screening and early intervention rather than treatment after diseases have advanced.
AXA Mansard Health said it would continue to support initiatives that equip Nigerians with the knowledge and resources needed to make informed decisions about their health.
The organisation stressed that sustained public education and improved access to screening are essential to preventing hepatitis from progressing into serious and potentially life-threatening conditions.
The campaign also demonstrates the role of private-sector, early detection and preventive care.

The post AXA Mansard Health Takes World Hepatitis Day Campaign to Bariga with Free Screenings and Community Relief appeared first on Business Today NG.

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COP17: Africa must connect science to action to tackle land degradation — Expert

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In this interview with PREMIUM TIMES on the sidelines of COP17 in Ulaanbaatar, Mongolia, Oluseyi Ifatimehin, a Professor of Geography (Environmental Resource Planning) at Kogi State University, Nigeria, and Science and Technology Correspondent to the United Nations Convention to Combat Desertification (UNCCD), outlines the scientific and institutional gaps confronting Nigeria and other African countries and proposes stronger land and drought observatories, artificial intelligence, satellite technology, indigenous knowledge and improved science-policy mechanisms to tackle the challenges.

Excerpt:

PT: What are the biggest scientific gaps preventing Nigeria and other African countries from effectively addressing land degradation and drought?

Ifatimehin: From my perspective, Africa does not primarily suffer from a lack of scientific knowledge. The bigger problems are gaps in data continuity, local-scale evidence, technology deployment and the capacity to translate evidence into decisions. For Nigeria, one major gap is the lack of sufficiently dense, continuous and interoperable datasets on soil health, land degradation, groundwater, vegetation, drought indicators and land-use change. Satellite data are increasingly available, but they need to be combined with reliable ground observations to produce information that is useful at the farm, watershed and community scales.

A second gap is predictive capacity. We need to move from asking, “Where has degradation or drought occurred?” to ask, “Where is it likely to occur next, when will it happen, how severe will it be, and what should farmers and governments do now?”

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A third gap is the shortage of sustained investment in African scientific institutions, laboratories, field-monitoring networks, data infrastructure and technical personnel. Nigeria’s priority should therefore be to establish stronger national and regional land and drought observatories, integrate satellite and ground data, strengthen universities and research institutions, and develop indicators that measure outcomes. These could include hectares of degraded land restored, changes in soil organic carbon, vegetation recovery, water availability and the number of farmers receiving actionable early warnings.

PT: Why is there a disconnect between research institutions and policymakers, and how can COP17 help close that gap?

Ifatimehin: The disconnect is partly because research and policymaking often operate on different timelines and communicate in different languages. Researchers may produce excellent scientific papers, but policymakers need concise answers to practical questions: What is the problem? What will it cost? What intervention works? Where should it be implemented? What result can we expect within three or five years? There is also insufficient institutional linkage between universities, government ministries, agencies and communities. Research funding is frequently project-based, while policy implementation requires long-term evidence and monitoring. COP17 can help by strengthening the UNCCD Science-Policy Interface (SPI) and encouraging countries to establish stronger national science-policy mechanisms. Universities should not be viewed simply as institutions that produce publications; they should become knowledge partners in national land-restoration programmes.

In line with this, proposals from two Nigerian universities — the Federal University Lokoja (FUL) and Confluence University of Science and Technology (CUSTECH), Osara — were presented at the COP17 side events.

FUL presented two proposals: ECO-HUB for Land Restoration Technical Education, focused on ecopreneurship, restored land, resilient food systems and shared prosperity; and Building a University-led Knowledge Curriculum and Research Platforms for Sustainable Rangeland Resource Governance, Livestock Reform and Peace-building for Nigeria’s Sub-humid and Humid Ecological Zones.

CUSTECH presented Measuring Nature, Building Skills and Restoring Land: Bio-resource Quantification, Ecosystem Evaluation and Land Degradation Neutrality Capacity in Kogi State, Nigeria.

For Nigeria, I would like to see a measurable mechanism whereby scientific baselines, measurable targets, independent monitoring and periodic evidence reviews accompany major land-restoration policies and programmes. The ultimate test is simple: Can scientific evidence change a government decision, improve an investment or change what happens on the farm? If the answer is yes, then we are closing the science-policy gap.

PT: What technologies could Nigeria realistically deploy to predict drought and prevent its worst impacts?

Ifatimehin: Nigeria does not need to wait for futuristic technology. Much of the technology required already exists; the challenge is integrating it and deploying it at scale.

First is satellite Earth observation. Satellite systems can monitor vegetation stress, soil moisture, rainfall anomalies, surface water and land-use change across Nigeria. This allows the government to identify emerging drought conditions over large areas much faster than conventional field surveys.

Second is artificial intelligence and machine learning. AI can combine satellite observations with rainfall, temperature, soil, crop, hydrological and historical drought data to identify patterns and generate localised drought-risk forecasts. Third is multi-hazard early-warning systems. Nigeria should connect meteorological and hydrological forecasts with agricultural advisory services so that a warning becomes an actionable message — for example, when to plant, which crop or variety is more appropriate, when to conserve water, or where livestock movement and water resources may become constrained.

Fourth is climate modelling and seasonal forecasting, which can support planning several months ahead. But technology alone is insufficient. Nigeria needs an end-to-end drought information system linking observation to forecasting, early warning, communication, early action and impact assessment. A measurable target could be to ensure that drought warnings reach vulnerable farming and pastoral communities before critical agricultural decisions are made, rather than after losses have already occurred.

PT: How can modern science and Indigenous knowledge be combined at the community level?

Ifatimehin: The answer is not to choose between modern science and Indigenous knowledge. We need to put them into dialogue. Farmers and pastoralists possess generations of knowledge about rainfall patterns, soil characteristics, pasture availability, water sources, drought indicators, livestock behaviour and locally adapted crops. Modern science brings remote sensing, climate modelling, soil analysis, forecasting and new technologies.

The most effective approach is therefore co-production of knowledge. Scientists should work with communities to test Indigenous observations against meteorological, ecological and satellite data and determine what is reliable, where it works and under what conditions. For example, if pastoral communities have traditional indicators for anticipating pasture or water scarcity, these can be assessed alongside satellite vegetation indices, rainfall forecasts and groundwater information. Where both sources provide consistent signals, the resulting early-warning system is likely to have greater local credibility and uptake.

We should also ensure that communities are not merely treated as recipients of scientific information but as knowledge partners.

ALSO READ: COP17 advances $1.3bn for land restoration, puts rangelands at centre

A measurable approach would be to establish community demonstration sites where restoration interventions are jointly designed, tested and monitored, with indicators such as vegetation recovery, soil health, water availability, livestock productivity and household livelihoods.

PT: What should governments, universities and development partners do differently to move African innovations from laboratories into practical solutions?

Ifatimehin: Africa needs to change the way it measures research success. A scientific publication is important, but it should not be the final destination.

Governments should create innovation-to-implementation pathways in which promising technologies are identified, field-tested, independently evaluated and then incorporated into national programmes and procurement systems.

Universities should strengthen technology-transfer offices, innovation hubs, demonstration farms and partnerships with farmers, pastoralists, government and industry. Research funding should include resources for field validation, scaling and adoption, not only laboratory research.

Development partners should move beyond financing short-term pilot projects. Where a technology has demonstrated effectiveness, financing should support the transition from pilot to demonstration, scale-up and institutional adoption.

The private sector is also critical because governments and donors alone cannot finance the scale required.

For Nigeria, I would propose a Land Restoration Innovation Pipeline with clear stages: Research → Field testing → Independent validation → Community adoption → Investment readiness → Scale-up → Impact measurement. Success should be measured not simply by the number of papers or projects produced, but by outcomes such as hectares restored, farmers and pastoralists reached, increases in soil and water productivity, drought losses avoided, jobs created, technologies commercialised and sustained improvements in livelihoods.

My central message from COP17 is that Africa does not need to reinvent science; it needs to connect the science we already have to decisions, finance and action.

Nigeria has universities, research institutions, satellite technologies, climate scientists, Indigenous knowledge and a growing innovation ecosystem. The opportunity now is to connect these assets through stronger science-policy institutions, digital knowledge platforms, predictable financing and measurable implementation. “Restoring Land, Restoring Hope” must therefore mean moving from knowledge to action, and from isolated projects to nationally and locally scalable solutions.

PT: Thank you so much for your time, Prof.

Ifatimehin: Thank you for the opportunity. Bye.


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