FG to Present Bill on Regulation of Crypto Currency to the National Assembly

Dike Onwuamaeze

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, has revealed that the federal government would forward a bill on the regulation of cryptocurrency to the National Assembly.

Adedeji made this revelation yesterday in Lagos during the 2024 “Stakeholders’ Engagement with the Senate and House Committees on Finance” with the theme “Repositioning the FIRS to Achieve Its Mandate.”

He said: “In September, we are bringing a law that will overhaul the whole process of revenue administration in Nigeria, including simplifying the tax law that we have.

“For example, the Stamp Duty Act was a 1939 legislation when there was no internet. So, we need to bring it to date.

“Today, we cannot run away from cryptocurrency. But as we are here today, there is no law anywhere in Nigeria that regulates cryptocurrency. But it is the new thing that is happening and we cannot run away from them.  

“The first thing is to have a law that regulates it in such a way that is not injurious to the economic development of Nigeria,” he said.

The executive chairman of the FIRS also commended the members of the joint committee on finance for the favourable impacts of legislations that were passed by the National Assembly, especially those that mandated the MDAs to remit 50 per cent of their revenues.  

He said that the passage of the Windfall Bill would increase the FIRS’ ability to meet its target, bring more revenue, and redistribute the wealth.

“Also, considering what you have done in the MDAs to make sure that we have 50 per cent of all the MDAs collected as revenue. The kind of innovation that the National Assembly has brought has helped the federal government and I have to appreciate you.  

“The essence of our gathering here today is to interact and have successful deliberation and at the end of the day, I am very sure that we will leave here better informed and better equipped to have a better service that can sustain the economic plan of Mr. President,” he added.

Speaking during the stakeholders’ engagement, the Chairman of the Senate Committee on Finance, Senator Mohammed Sani Musa, commended the executive chairman of the FIRS for repositioning the agency.

Musa said that as the global economy evolves and the country’s economic landscape undergoes transformation, there is a pressing need to reassess, realign, and reposition the IFRS to meet these new realities not only by adopting best practices but also by fostering an environment where transparency, accountability, and innovation are at the forefront of its revenue generation efforts.

He said: “Today’s engagement is an opportunity for us to listen, to learn, and contribute to the dialogue on how best to support the FIRS in achieving its mandate.

“It is also a platform for the FIRS to share its challenges, successes, and strategic vision for the future. By working together, we can ensure that the FIRS is fully equipped to maximise revenue collection, thereby providing the necessary resources for national development and public welfare.”

Similarly, the Chairman of the House Committee on Finance, Hon. James Abiodun Faleke, who was represented by a member of the committee, Hon. Dr. Kalejaiye Paul, said that Adedeji has been able to maintain an effective relationship between the FIRS and the joint committee on finance of the National Assembly.