Former Nigerian President Muhammadu Buhari signed the Finance Act 2023 into law on the eve of leaving office on May 28.
The bill introduces a series of tax reforms aimed at modernizing the country’s fiscal framework. Among its provisions is a 10 percent tax on gains from the disposal of digital assets, including cryptocurrencies.
The sweeping legislation aims to increase fiscal transparency, boost revenue generation and drive economic growth. Recognizing the growing prominence of digital assets, the bill seeks to tax cryptocurrencies.