The legislation aims to enhance fiscal transparency, boost revenue and recognize cryptocurrencies as legitimate assets.On the eve of his departure from office on May 28, former Nigerian President Muhammadu Buhari signed the Finance Act, 2023, into law.

The act introduces a series of tax reforms aimed at modernizing the country’s fiscal framework. Among its provisions was the introduction of a 10% tax on gains from the disposal of digital assets, including cryptocurrencies.

The comprehensive legislation seeks to enhance fiscal transparency, boost revenue generation and promote economic growth. Recognizing the increasing prominence of digital assets, the act aims to impose a tax on cryptocurrencies.

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