Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has moved to calm fears that Nigeria’s revised tax laws will impose fresh burdens on cryptocurrency traders and digital entrepreneurs, insisting that the reforms only clarify existing obligations.
Speaking during a weekend interactive session with journalists, analysts, and influencers, Oyedele said income from digital assets, online content creation, and other taxable activities has “always been covered under the Personal Income Tax Act,” stressing that the new legislation merely provides clarity and fairness.
“There is no imposition of tax on individuals who were not previously taxable,” he said. “Online content creators, influencers, income from virtual assets, and other income-generating activities have always been subject to tax. What the new laws do is provide clarity and ensure fairness, such as allowing deductions for losses where applicable.”
He emphasised that gifts remain exempt from taxation if they are not tied to transactions.
Oyedele highlighted that the administration is cutting over 60 different taxes and levies to fewer than 10, aiming to simplify compliance and reduce costs for businesses. He cited the reversal of several contentious levies — including the 5% levy on airtime and data, the cybersecurity levy on bank transfers, the carbon tax on single-use plastics, and excise duties on vehicles — as evidence that reforms are “people-centric, growth-focused, and efficiency-driven.”
Under the new regime, high-income earners — about 3 per cent of the population — will pay up to 25 per cent of their income in taxes, while those earning the N70,000 monthly minimum wage remain exempt from personal income tax.
“The objectives of the reforms have been clear from the very beginning: reduce the tax burden on the masses, harmonise and simplify tax rules to address the multiplicity of taxes, and promote a modern, business-friendly and globally competitive tax system,” Oyedele said.
The reforms, signed into law by President Bola Tinubu on June 26, 2025, and already gazetted, establish four new legislations: the Nigeria Tax Act (NTA), Nigeria Tax Administration Act (NTAA), Nigeria Revenue Service (Establishment) Act (NRSEA), and the Joint Revenue Board (Establishment) Act (JRBEA).
