NRS releases guidelines on virtual assets taxation

. As FG offers two savings bonds for subscription at N1,000 per unit

The Nigeria Revenue Service (NRS) has issued comprehensive guidelines on the taxation of virtual assets, providing a regulatory framework for the taxation of cryptocurrency and other digital asset transactions in line with the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025.

The new guidelines are aimed at taxpayers, Virtual Asset Service Providers, Peer-to-Peer marketplace operators, tax practitioners and individuals engaged in virtual asset activities, as the Federal Government intensifies efforts to expand the country’s tax base and strengthen compliance within the rapidly growing digital economy.

In a public notice issued on Monday, the NRS said it had formally released the Guidelines on the Taxation of Virtual Assets.

According to the agency, the document establishes a clear administrative framework governing tax obligations for virtual asset transactions in Nigeria.

“The Nigeria Revenue Service (NRS) wishes to inform taxpayers, Virtual Asset Service Providers (VASPs), Peer-to-Peer (P2P) marketplace operators, tax practitioners, and all persons engaged in virtual asset activities that it has issued the Guidelines on the Taxation of Virtual Assets.

“The Guidelines provide a clear administrative framework for the taxation of virtual assets in Nigeria. They set out the applicable tax obligations including registration, reporting and record-keeping obligations, valuation principles, and the tax treatment of virtual asset transactions in accordance with the provisions of the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025.”

The NRS said the initiative forms part of broader reforms designed to improve certainty in tax administration as digital assets become increasingly integrated into the country’s financial system.

“The issuance of these Guidelines is part of the Service’s commitment to providing clarity, certainty, and consistency in the administration of Nigeria’s tax laws as they relate to the rapidly evolving virtual asset ecosystem. The Guidelines are intended to promote voluntary compliance, enhance transparency, and support the development of a fair and efficient tax framework for digital asset transactions.”

The agency urged all affected stakeholders to study the new provisions and ensure full compliance with their tax obligations.

“All affected taxpayers and stakeholders are encouraged to familiarise themselves with the provisions of the Guidelines and ensure full compliance with the applicable tax obligations.”

It added that the guidelines are available for download on its official website.

The release of the guidelines marks another step in Nigeria’s evolving regulatory approach to digital assets. In recent years, Nigerian authorities have moved from largely restricting cryptocurrency-related activities to establishing clearer legal and tax frameworks for the sector.

The guidelines also follow the enactment of the Nigeria Tax Act, 2025, and the Nigeria Tax Administration Act, 2025, which introduced sweeping reforms to the country’s tax system, including provisions covering emerging sectors such as virtual assets.

The reforms are expected to improve tax administration, increase government revenue and provide greater regulatory certainty for businesses and investors operating in Nigeria’s digital economy.

Meanwhile, the Debt Management Office (DMO), on behalf of the Federal Government, has announced an offer of two FGN bonds for subscription at N1,000 per unit.

According to the DMO, the first offer is two-year FGN Savings Bond due Aug. 12, 2028 at interest rate of 13.96 per cent per annum.

The second offer is a three-year FGN Savings Bond due in Aug. 12, 2029 at interest rate of 14.96 per cent per annum.

It said that the opening date for the offer is Monday (today), while closing date is Aug. 7, settlement date is Aug. 12, while coupon payment dates are Nov. 12, Feb. 12, May 12 and Aug.12.

“Subscription is N1,000 per unit subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.

“Interest is payable quarterly, and bullet repayment is on the maturity date,” the DMO said.

The DMO added that the FGN savings bonds, like all other Federal Government securities, were backed by the full faith and credit of the federal government and charged upon the general assets of Nigeria.

“They qualify as securities in which trustees can invest under the Trustee Investment Act.

“They qualify as government securities within the meaning of the Company Income Tax Act and Personal Income Tax Act for exemption for pension funds, among other investors.

“They are listed on the Nigerian Exchange Ltd., and they qualify as liquid assets for liquidity ratio calculation for banks,” it said.

The News Agency of Nigeria (NAN) reports that the FGN Savings Bond is a retail debt instrument issued by the DMO on behalf of the Federal Government.

It is specifically designed to enable retail investors and average earners to participate in government debt securities with lower capital requirements than standard FGN bonds.

Subscription to FGN savings bonds means one is lending money to the federal government, which agrees to pay interest (coupon) at regular intervals and to repay the principal when the bond matures.

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