Tinubu signs order to unify Nigeria’s crypto oversight and tax coordination

Regulatory coordination

President Bola Ahmed Tinubu signed the order on Friday, according to the source article. Its stated goals are to harmonize the regulation of virtual assets, improve cooperation among public agencies, protect citizens from fraud and preserve the integrity of Nigeria’s financial system while still allowing what officials describe as responsible innovation.

A central feature of the order is the creation of a virtual asset council led by Nigeria’s top financial regulators. The body is expected to guide policy for the sector and improve coordination among institutions that have previously approached digital assets from different angles.

No new regulator

The article says an adviser stressed that the executive order does not set up a new regulator and does not shift legal authority from one agency to another. Instead, each institution is meant to keep its full mandate and operational independence, with the new framework designed to organize how they work together.

That point appears intended to address concerns that a new crypto regime could overlap with or replace existing regulators. Under the order, oversight is to be coordinated rather than consolidated into a single agency.

The source article adds that registration requirements will depend on the type of activity being carried out and the kind of asset involved. Officials say that approach is meant to give operators more certainty while also improving public protection. It is also intended to close gaps that had allowed unregistered operators to avoid oversight.

Tax rules and identification requirements

The order also has implications for tax policy. Nigeria’s tax authority is expected to update its approach to digital assets, building on reforms that had already been announced, according to the report.

The article notes that under the Nigeria Tax Administration Act, crypto service providers must connect transactions to tax identification numbers and, in some cases, national identification numbers. That requirement forms part of a broader effort to strengthen visibility over activity in the sector.

Adoption and policy pressure

Nigeria has experienced strong digital asset adoption in recent years. The source article cites the International Monetary Fund as noting substantial stablecoin inflows and crypto inflows since 2019.

Against that backdrop, policymakers are described as trying to narrow a gap that made cross-border workarounds attractive, while also keeping newer risks under control. The article frames the challenge as finding a clearer strategy that remains open to innovation but is grounded in macroeconomic discipline and effective regulation.

The new order therefore appears to be less about creating a single crypto watchdog than about tightening coordination among agencies that already have a role in the market. In practice, its impact will depend on how the council functions, how tax policy is updated and whether the coordinated framework succeeds in reducing regulatory blind spots without disrupting legitimate activity.