Finance Minister Zainab Ahmed claims that the 2022 finance bill has a provision to tax cryptocurrencies and other digital assets, despite Nigerian laws restricting the use of cryptocurrencies there.
The Central Bank of Nigeria (CBN) issued an order to banks in 2021 directing them to terminate the accounts of individuals and organizations utilizing their systems to transact in cryptocurrency.
The bank officials issued a warning against investing in cryptocurrencies, stating that such transactions are regularly used to fund illegal activity.
The proposed strategy would be built on five key policy pillars, according to Ms. Ahmed: climate change, tax equity, job creation/economic growth, reform of tax incentives, and revenue generation/tax administration.
Chargeable assets, the exclusion of losses, and the replacement of corporate assets are some of the other components of the finance bill, in her opinion.