Nigeria introduces new crypto tax policies to boost economy, aiming to collect $250 million annually

From Cointelegraph

March 8, 2025 9:00 am:

Nigeria filed an $81 billion lawsuit against Binance for unpaid taxes and introduced new cryptocurrency taxations to boost its economy. Despite being Africa’s largest crypto market with 47 million users, Nigeria’s tax-to-GDP ratio is low at 6%. The government aims to collect taxes from the informal sector and unbanked population through a proposed tax on individual crypto transactions. This move may generate up to $250 million annually but risks pushing users to unregulated platforms. Nigeria’s success in taxing crypto hinges on balancing regulation with innovation and enforcing compliance. Nigeria could enhance enforcement by adopting blockchain analytics tools and anti-corruption initiatives to build trust and compliance in its crypto economy.

Read more at Cointelegraph: Nigeria’s new crypto tax policies may not drive the revenue it needs