By Peter Omopo
Abuja – The Presidential Fiscal Policy and Tax Reforms Committee has clarified that virtual currencies, including cryptocurrencies, will be subject to taxation under Nigeria’s new tax reform framework. The committee’s chairman, Mr. Taiwo Oyedele, disclosed this during an online public lecture organised by the Capital Market Academics of Nigeria on Wednesday.
Oyedele explained that while digital currencies will attract tax obligations, capital market gains have been exempted under the new policy—an incentive he said should be communicated more effectively to young Nigerians.
“Virtual currency under the new law is liable to tax. Capital market gains for virtually everybody are exempted,” he stated. “Why are we not telling our young people that the returns on our capital market are better and completely tax-free?”
The News Agency of Nigeria reports that virtual currency refers to digital-only forms of value issued by private developers or virtual communities. Some types, including cryptocurrencies, can be exchanged for real-world money and used for transactions across borders.
Oyedele argued that improved awareness about capital market benefits could draw young Nigerians away from risky alternatives such as gambling and speculative digital assets. However, he warned that misinformation continues to hamper investor participation.
“If you ask any young person to invest in the market, many will tell you there is a 30 per cent tax on it — that is misinformation,” he said. “Real people make bad decisions when misinformed. Narratives drive sentiments, and sentiments shape reality.”
He added that while markets correct themselves over time, misinformation could cause devastating losses for individuals in the short term.
Speaking on tax refunds, Oyedele said the new tax law mandates the government to reserve funds specifically for refund purposes. He explained that revenue generated would no longer be entirely shared among government tiers, ensuring a dedicated pool for legitimate taxpayer refunds.
The committee, he added, is partnering with the National Orientation Agency to translate and disseminate the new tax laws in local languages, aiming to enhance public understanding—especially at the grassroots.
The reforms form part of ongoing efforts by the Federal Government to modernise Nigeria’s tax system, broaden the revenue base, and improve economic transparency.
