Presidential candidate of the Peoples Redemption Party, PRP, Donald Duke, has expressed the sense of urgency regarding the state of Nigeria, stressing the need for urgent intervention to avoid future disaster.

Duke made this remark on Tuesday when he appeared as a guest in an interview on Arise Television’s ‘Prime Time’

The former Cross River State Governor said he decided to return to politics because of the urgency of where citizens currently are in Nigeria, calling on the opposition to come together and change the direction of the country.

According to him, Nigeria’s leadership from when he was governor is not addressing the critical issues in the country.

“I returned to politics because of the urgency of where we are in Nigeria today. Disaster is looming if we don’t change the trajectory.

“You could be a spectator and make all sorts of analyses, or you could get involved. The direction the country is going requires urgent intervention.

“The folks who are in charge of the country today are generally my generation, as it were, and the president and I were the class of ’99. But the direction the country is going, I think, requires very urgent intervention.

“I’m not a member of the ruling party, as it were. So automatically, I’m in the opposition. Ideally, the opposition should come together,” he said.

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.

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.

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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.