Nigeria’s New Tax Regime: What You Need to Know (Finance Act 2025)
At Akinyele Oluwale & Co., we are committed to keeping our clients informed about the latest regulatory changes affecting businesses and individuals in Nigeria.
The Finance Act 2025 represents one of the most significant tax reforms in Nigeria in recent years. Signed into law to simplify the tax system, reduce multiple taxation, and improve ease of doing business, the Act introduces several key changes:
Major Highlights:
Company Income Tax (CIT) reduced to 25% for large companies (from 30%).
Tertiary Education Tax significantly reduced from 2% to 0.5%.
- Strengthened rules against multiple taxation across federal, state, and local governments.
- Expanded scope of Value Added Tax (VAT) on digital services and luxury goods.
- Higher exemption thresholds for Capital Gains Tax and Personal Income Tax.
- Mandatory digital compliance through the new Rev360 platform.
New Tax Portal – Rev360
The Federal Inland Revenue Service (FIRS) has launched Rev360 (www.rev360.gov.ng), a unified digital platform for all federal tax filings and payments. This new system makes tax compliance easier, faster, and more transparent.
Our Advisory
These reforms present both opportunities and compliance requirements for businesses. Early adaptation will help you avoid penalties and optimize your tax position.
A massive sell-off worth $1.65 trillion swept through the market on Friday, impacting bitcoin mining stocks and wiping out tens of millions in value among the top 20 publicly traded companies. This decline reflected the wider losses seen in U.S. stock markets, underscoring the increasing vulnerability of the sector to macroeconomic factors and changes in investor sentiment.
Global Sell-off Triggers Volatility in Crypto Mining Stocks
In yesterday's market decline, statistics from bitcoinminingstock.io reveal that IREN Limited (IREN) maintained its status as the top bitcoin mining firm by market capitalization, valued at $16.21 billion, despite a 6.38% drop in its stock price to $59.77. In contrast, Applied Digital Corporation (APLD) emerged as a notable exception, experiencing a 16.04% increase to $33.99, boosting its valuation to $9.51 billion.
Bitmine Immersion Technologies (BMNR), known for its ETH treasury operations, faced one of the most significant daily losses, plummeting 11.29% to $52.47, with a market cap of $9.09 billion. Riot Platforms (RIOT) and MARA Holdings (MARA) also encountered considerable declines of 5.70% and 7.67%, respectively, closing at $21.01 and $18.65 on Friday afternoon.
Within the mid-cap sector, Cipher Mining (CIFR) dropped 5.66% to $16.97, holding a valuation of $6.67 billion, while Core Scientific (CORZ) achieved a modest gain of 2.66% to $18.52, raising its market cap to $5.65 billion. Cleanspark (CLSK) fell 4.03% to $19.28, maintaining a market value of $5.42 billion, and Terawulf (WULF) experienced a slight decline of 0.58% to $13.51. Hut 8 Corp. (HUT) saw a decrease of 6.01% to $43.57, rounding out the top ten with a market cap of $4.6 billion.
Among the smaller-cap miners, Bitdeer Technologies (BTDR) faced the largest drop of the day, down 13.31% to $17.78, with a valuation of $3.77 billion. Bitfarms (BITF) provided a rare positive highlight, increasing by 0.71% to $4.20. HIVE Digital Technologies (HIVE) fell 5.02% to $6.61, while Northern Data AG (NB2.DE) decreased by 1.74% to $19.73. Bit Digital (BTBT) dropped 6.46% to $3.76, and American Bitcoin Corp. (ABTC) fell 9.16% to $5.95.
Further down the rankings, Cango Inc. (CANG) saw a 7.01% decrease to $4.31, Bitfufu Inc. (FUFU) fell 4.34% to $3.74, and Canaan Inc. (CAN) experienced a sharp decline of 10.65% to $1.09. In contrast, Digi Power X Inc. (DGXX) defied the overall market trend, rising 15.53% to $3.05, although it remains the smallest company in the group with a market cap of $136.36 million.
