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.
As we enter July 2026, global financial markets demonstrate remarkable resilience despite ongoing pressures from geopolitical conflicts (notably in the Middle East impacting energy supplies), sticky inflation in some regions, and policy uncertainties.
Key Risks: Escalating energy shocks, persistent inflation, and political uncertainties could trigger volatility. Opportunities lie in selective, risk-managed exposure to AI-driven growth and commodities.
FOREX Highlights
The US Dollar remains firm on relative economic strength, pressuring EUR/USD and GBP/USD. Seasonal tendencies suggest potential recovery for these pairs in July, but near-term downside risks persist. Emerging market currencies, including the Naira, benefit from improved FX reforms and inflows.
Nigeria/Local Perspective: Steady Progress
Nigeria's economy shows improving stability with projected GDP growth of ~4.1-4.3% in 2026, supported by services, oil production, and reforms. Inflation is moderating (targeting lower double digits), the Naira is expected to hold broadly stable in the ₦1,350–1,520/USD range (mild depreciation bias), and reserves provide a buffer. CBN's tight policy and recapitalization efforts bolster confidence, though fiscal discipline, power/infrastructure, and security remain key. Local opportunities in agriculture, manufacturing (e.g., CNC/fabrication), and digital assets align with diversification trends.
At Akinyele Oluwale & Co., we continue to emphasize disciplined, risk-managed strategies tailored to your portfolio—leveraging FOREX, digital assets, and traditional markets for long-term growth. Monitor key July data (FOMC, earnings, inflation releases) closely.
This outlook is for informational purposes. Past performance is not indicative of future results. Consult your advisor for personalized advice.
Posted by Akinyele Oluwale, Financial advisor & Investment Consultant. Website: akinyeleoluwale.finance | Contact: +234(0)8023988821
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.
The increasing partnership between traditional finance and blockchain companies like Ripple is propelling Europe’s progress in adopting digital assets. On October 10, Ripple’s Managing Director for the U.K. and Europe, Cassie Craddock, shared on the social media platform X that the European Union’s Markets in Crypto-Assets Regulation (MiCA) has bolstered institutional trust in blockchain integration.
"MiCA has empowered European banks and financial institutions [FIs] to engage more deeply with the industry," Craddock stated, further adding:
Consequently, we are witnessing numerous banks and FIs, including Societe Generale and BBVA, developing digital asset custody and tokenization capabilities in collaboration with crypto-native firms like Ripple.
Nevertheless, she pointed out that despite these advancements, "many obstacles still exist to realize the full potential."
Craddock elaborated that tokenization aligns with the European Union’s objectives for a savings and investment union by reducing costs, enhancing efficiency, and broadening access to funding and investment opportunities for businesses.
She warned that global rivals are swiftly moving to leverage blockchain innovation and urged the EU to "act quickly and sustain the momentum" to preserve its competitive edge. The Ripple executive expressed:
We are genuinely enthusiastic about the prospects for the blockchain sector in Europe and eager to contribute to shaping the future of tokenization.
Her remarks underscore both a sense of optimism and a call to action as Europe aims to strengthen its position in digital finance through the regulatory clarity provided by MiCA and collaborative efforts within the industry.
