About 1000 Coalition of Civil Society Organisations (CSOs) has commended Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS), for his pioneering efforts in revolutionizing Nigeria's tax system to accommodate cryptocurrencies.

 

In a press conference addressed in Abuja on Monday and signed by Mallam Yakubu Mohammed, National Coordinator, and Barr Godspower Ebi, National Secretary, the CSOs praised Dr. Adedeji's visionary leadership in addressing the challenges posed by digital currencies.

 

"Dr. Adedeji's commitment to modernizing Nigeria's tax system is a bold step towards embracing the digital economy," the statement read. "His efforts will not only boost confidence in the cryptocurrency market but also protect consumers, reduce tax evasion, and attract international investment."

 

The CSOs noted that Nigeria's current regulations, such as the Stamp Duty Act of 1939, are outdated and inadequate for addressing the complexities of digital currencies. They applauded Dr. Adedeji's plans to establish clear guidelines for digital assets, simplify tax reporting, and leverage technology to ease compliance.

 

"Dr. Adedeji's approach aligns with global best practices, and his leadership ensures that Nigeria's tax policies adapt to the evolving digital financial economy," the statement added.

 

The CSOs urged stakeholders to support Dr. Adedeji's initiatives, saying, "This move will create a more transparent, secure, and thriving financial system for Nigeria."

 

With Nigeria's growing engagement in digital currency trading, the CSOs recognized the need for a regulatory framework that effectively manages the evolving financial world.

 

"Dr. Adedeji's crypto tax revolution is a game-changer for Nigeria. We commend his dedication to making Nigeria's tax system fit for the digital age."