New tax legislation aimed at regulating VASPs and increasing tax revenue from the crypto sector.
How Nigeria plans to use banks and fintechs to recover tax debt
From 2026, banks and fintechs will serve as debt recovery agents for Nigeria's tax authority under the new Nigeria Tax Administration Act, 2025. The Federal Inland Revenue Service (FIRS) has been replaced by the Nigeria Revenue Service (NRS), marking a significant overhaul in tax administration.
From 2026, dodging taxes in Nigeria could cost crypto startups their licences — and ₦10m
Nigeria's new tax laws impose an initial penalty of ₦10 million for VASPs failing to comply within the first month. The Securities and Exchange Commission (SEC) can suspend or revoke licenses of non-compliant VASPs.
